JERUSALEM, May 31 (Xinhua) -- Israel's Energy Ministry announced on Sunday that the price of unleaded 95-octane gasoline will drop to 7.80 shekels (about 2.78 U.S. dollars) per liter, down from 8.07 shekels, reversing four consecutive price rises this year.
The ministry said that the price cut, effective at midnight on Sunday, follows a recent decline in global gasoline prices amid progress in negotiations between the United States and Iran, and a weakening dollar against the shekel.
The war with Iran had pushed fuel prices in Israel to a record high in more than three and a half years. Ministry figures show the previous peak was 8.08 shekels per liter in July 2022.
The surge was largely driven by a nearly 50 percent rise in fuel prices across Mediterranean countries, amid higher global oil costs linked to the war. ■
