Finance Minister Bezalel Smotrich is expected to sign an order reducing the fuel excise tax, aiming to lower consumer prices as a surge in gasoline costs is anticipated due to the naval blockade on Iran, The Zioneer reports. The reduction is intended to take effect this week.
Finance Minister Bezalel Smotrich is set to sign an order reducing the fuel excise tax (בלו) to offset an expected spike in gasoline prices, which the ministry attributes to the economic impact of the US-led naval blockade on Iran. The reduction is designed to reach consumers within the current week, according to The Zioneer.
The move comes amid renewed turbulence in global energy markets. Israeli fuel prices have seesawed in recent months: a steep drop of 32 agorot per liter took effect in late June; a 61-agorot jump followed in early August; and further volatility was reported as the blockade on Iranian ports intensified. The government has previously intervened with tax adjustments during periods of price instability.
The exact percentage of the excise reduction has not yet been disclosed. The order requires the minister's signature to enter effect.
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