Experts predict gasoline prices in Israel will reach an all time high at month’s end following a 25 agorot per liter increase, bringing the price to 7.71 NIS per liter.

Based on the Bank of Israel exchange rate at closing on February 17, 2012, this is the equivalent of $8.22 for a US gallon (3.75 NIS/$1). Officials explain the increase is the result of the 10% increase in fuel costs, with a barrel of oil selling at $104.

This latest announcement comes amid government efforts to advance natural gas development at home, looking ahead to a future that would be dependent on alternative forms of fuel.

(YWN – Israel Desk, Jerusalem)