JERUSALEM, March 31 (Xinhua) -- The Israeli Energy Ministry on Sunday announced in a statement the hike in fuel prices to 7.72 shekels (about 2.09 U.S. dollars) for unleaded 95-octane gasoline, compared to the current 7.51-shekel price.

The price raise, set to take effect on Monday, marks the fourth consecutive increase in a month, totaling a rise of 11.2 percent from the level in December last year and reaching the highest level since July 2022.

According to the ministry, the current increase is determined by the average fuel prices in Mediterranean basin countries.

A major reason for the continuous price surge stems from the government's decision to discontinue the subsidy for the excise tax, a significant element of fuel pricing, as outlined in the 2024 budget, which prioritizes defense spending while reducing other expenses amid the ongoing conflict.

Gad Lior, a senior analyst for Yedioth Ahronoth daily newspaper, told Xinhua that the fuel price increase may soon lead to a rise in electricity and water prices in Israel as well, and reverse the downward trend in the inflation rate. Enditem

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