Israel's Gas Cost Drops, Tax Still 55%

The price of gas was lowered overnight Sunday by 2.15%, making the maximum price of self-serve 95-octane gasoline 16 agorot per liter less - NIS 7.27.

According to a report in Haaretz, the price cut was reduced by the decline in European oil prices being offset by the strength of the US dollar and 15-agorot increase per liter in excise taxes on gas.

The excise tax on gasoline was temporarily reduced in April due to public pressure, but was not renewed despite a drop in world oil prices. 55% of the maximum retail price of gasoline is tax.