On April 1, the price of gasoline in Israel will exceed 8 shekels per liter for the third time in history.

A liter of gasoline for self-service will cost 8.05 shekels, an increase of 1.03 shekels compared to March. The surcharge for full service remains unchanged at 25 agorot per liter. In Eilat (excluding VAT) the price of a liter of gasoline will be 6.82 shekels.

The main reason for the jump is the rise in price of gasoline on the Mediterranean market by approximately 49% against the backdrop of rising world oil prices due to the war.

To this should be added a certain weakening of the shekel against the dollar.

In September 2012, a historical record was recorded – 8.25 shekels per liter of gasoline for self-service. The reason for the rise in prices then was also Iran. The introduction of anti-Iranian sanctions was accompanied by threats from Tehran to close the Strait of Hormuz. This was compounded by strong economic growth in the US and China, production disruptions in several countries in the Middle East and Africa and the closure of a number of large refineries. In August 2012, Brent oil was trading at $116 per barrel.

In July 2022, the cost of a liter of gasoline in Israel exceeded the 8 shekels mark for the second time and amounted to 8.08 shekels. The reason for the rise in price was the energy crisis, provoked by the rapid recovery of the global economy from the stagnation of the COVID-19 pandemic, which was superimposed by the crisis of Russia’s invasion of Ukraine and the subsequent anti-Russian sanctions.

In both cases, the government reduced the excise tax on gasoline as early as the next month in order to reduce the price of fuel for the consumer.