Some good news for Israelis at the pumps, as gasoline prices are going to drop by 12 agorot at midnight on Monday (Sunday to Monday night).

That said, gasoline is far from an inexpensive commodity as a liter of 95 octane at a self-service pump will sell for a maximum of NIS 6.25 a liter, a 12 agorot reduction, which is now the equivalent of US $5.48 per gallon at the exchange rate of $1 = NIS 4.56, which was the Bank of Israel closing rate on Friday.

Motorists preferring a full-service pump will pay an additional 21 agorot a liter.

The reason for the decrease is reported to be the reduction in the price of oil worldwide by 4.82%. This said, the price of a liter of gasoline still includes NIS 3.97 in taxes, comprising 64% of the price.

(YWN Israel Desk – Jerusalem)