While fuel prices at the pumps are dropping around the world, Israelis continue to pay a lot, as the government generates a hefty revenue with fuel taxes. The nation’s revenue report reflecting the picture for 2015 indicates NIS 17.2 billion, which represents a 5.8% increase from the previous year, 2014.

The Globes Financial report adds that the figure mentioned does not represent the total amount collected, and that amount in all likelihood exceeds NIS 18 billion. The figure represents the net amount deposited in the treasury after funds are transferred to the PA (Palestinian Authority) and deducting refunds to carriers under the diesel arrangement.

In short, while global fuel prices have dropped significantly, Israelis saw an increase at a time global prices are reportedly at a 12-year low.

Taxes levied on a liter of gasoline in Israel amount to a staggering almost 67% of the price paid by motorists at the pumps, which is a significantly higher proportion than the EU average and among the highest in the world.

(YWN – Israel Desk, Jerusalem)