JERUSALEM, May 30 (Xinhua) -- The Israeli Energy Ministry announced on Thursday a reduction in fuel prices, marking the country's first such decrease since last March.

Unleaded 95-octane gasoline will now cost 7.52 shekels (equivalent to 2.03 U.S. dollars), down from the previous price of 7.90 shekels.

Fuel prices have risen for five consecutive months this year following the government's cessation of the excise tax subsidy in December 2023, a key factor influencing fuel costs.

The current price, effective until Saturday night, is the highest since July 2022, when it was 8.08 shekels.

Gad Lior, a senior analyst at the Yedioth Ahronoth newspaper, told Xinhua that the price cut is mainly due to declining oil prices and the depreciation of the dollar against the shekel.

However, he warned that an expected increase in fuel demand during the summer months and geopolitical threats could lead to a renewed surge in oil and fuel prices. Enditem

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