With the significant decline in the cost of a barrel of oil, has prices are expected to drop in Israel in the month of August from NIS 6.65 a liter to NIS 6.40 a liter. The new price, NIS 6.40/liter is the equivalent of $6.91/ per US gallon based on the exchange rate of 1$/3.7 NIS. The price listed is for ‘regular’ 95 octane gasoline at the self-service pump.

If there are no last-minutes changes and the price drops as expected, it will represent the first drop in gas prices since February 2015. It is added that 60% of the price of a liter of gas in Israel is comprised of various taxes, directly or indirectly, levied on vehicle owners.

(YWN – Israel Desk, Jerusalem)