As a result of the continuing drop in the price of crude oil gasoline prices continue to fall in Israel too. The average price at the self-service pumps for 95 octane is not higher than NIS 5.95/liter, which equals $6.14/US gallon, which may sound exorbitant to some, but it is far less than last year’s $8 plus per liter.

The calculation is based on the official Bank of Israel closing rate of NIS 3.87/1 US dollar on Wednesday, 15 Cheshvan.

The price in Eilat is NIS 5.09 a liter ($5.26/gallon). That said, the tax on a liter of gasoline remains high, 66%. Other costs and value added tax bring the total taxation of a liter of gasoline in Israel to NIS 3.91 or $4 a US gallon.

(YWN – Israel Desk, Jerusalem)