JERUSALEM, March 30 (Xinhua) -- Israel's Energy Ministry announced Monday that the price of unleaded 95-octane gasoline will rise to 8.05 shekels (about 2.54 U.S. dollars) per liter, up from 7.02 shekels, a 14.7 percent increase.
The ministry said that the hike is driven mainly by a nearly 50 percent rise in fuel prices across Mediterranean countries, amid higher global oil costs linked to the ongoing war with Iran.
The new price, to take effect on Wednesday, is the highest in more than three and a half years. Ministry figures show the last peak was 8.08 shekels per liter in July 2022.
Kan TV News reported that the government is considering intervention to lower prices by cutting the excise tax. The finance ministry opposes the move, citing increased spending tied to the war and the need to preserve fuel tax revenues.
On Feb. 28, Israel and the United States launched joint attacks on Tehran and several other Iranian cities, killing Iran's then Supreme Leader Ali Khamenei, along with senior military commanders and civilians. Iran responded by launching waves of missile and drone strikes targeting Israel and U.S. bases and assets in the Middle East. ■
