Gas prices in Israel to surge above $10 a gallon this week
Israeli motorists and businesses are bracing for another hike in gasoline prices this week, as regular unleaded is set to rise by 52 agorot per liter at midnight between Wednesday and Thursday, reaching an all-time high of NIS 8.27 per liter, equivalent to $10.17 per gallon.
The increase is being driven by a sharp rise in global crude oil prices, the appreciation of the U.S. dollar against the Israeli shekel and other factors affecting Israel’s fuel supply. The higher fuel costs are also contributing to rising prices for a wide range of goods and services, adding to pressure on Israeli consumers and businesses.
Gasoline prices worldwide have surged nearly 13% in recent weeks amid ongoing demands by Iran’s IRGC regime for control over the Strait of Hormuz and increasing threats by the Iranian-backed Houthi rebel group in Yemen to the passage of Saudi Arabian-owned oil-carrying vessels through the Bab al-Mandab Strait, which links the Red Sea and the Indian Ocean.
