The Ministry of National Infrastructures will cut the price of gasoline at midnight Thursday, June 30. The price of self-service 95 octane gasoline will be cut by 3.23%, or NIS 0.24 per liter, to NIS 7.22 per liter from the current NIS 7.46 per liter.
The sharp drop in the global price of oil is the reason for the price cut. 39% of the price of gasoline in Israel is based on the average quotes of CIF La Vera trade prices for fuels in the Mediterranean basin, which are then converted from dollars into shekels.
The price of self-service 95 octane gasoline peaked at NIS 7.62 per liter in May, after six consecutive monthly price hikes.
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