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Israel cuts gasoline tax

Tel Aviv

Israel’s Finance Minister Bezalel Smotrich has signed an order to reduce the excise tax and purchase tax imposed on gasoline.

The orders state that during August 2023, a purchase tax and excise tax will be imposed on gasoline for 2,582.35 shekels (USD 700) per thousand litres (264 gallons), implying a reduction of 0.89 shekels.

The price of a litre of gasoline for the consumer is compared with its price without the tax deduction. After the cut, the consumer price of a litre of gasoline is expected to remain at the level of 6.85 shekels (USD 1.85) per litre for August.

Minister Smotrich said: “We are continuing the fight against the cost of living and preventing fuel price increases. The fight against the cost of living is shared by all of us and we are taking all necessary steps to make things easier for the citizens of Israel and protect Israel’s economy.

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