Jerusalem: Israeli Finance Minister Bezalel Smotrich on Sunday signed an order to cut the country's fuel excise tax for the next two months, citing a spike in gasoline costs due to the U.S. conflict with Iran.
* Israel's Energy Ministry sets gasoline prices at the start of each month.
* On September 1, petrol prices rose by 0.16 shekel a litre to 8.25 shekels ($2.74) a litre, matching an all-time high and raising the public's ire. At $10.41 a gallon, gasoline in Israel is among the highest in the world.
* Some 44% of the price is Israel's "blu" tax, or its fuel excise tax, which was 3.66 shekels a litre at the start of the month. Another 15% of the cost is value added taxes and 33% is the price of oil globally.
* Smotrich ordered a 0.5 shekel a litre cut in the tax that will bring the price of gasoline to 7.75 shekels a litre as of midnight on Monday.
* Brent crude futures closed at their highest level since July 24 on Friday, at $96.28 a barrel, as tensions in the Middle East drive global supply concerns. Israel has not been part of the latest fighting since an April ceasefire deal.
* Last week, the Bank of Israel reduced its benchmark interest rate by 25 basis points for a third straight decision due to low and stable inflation. Smotrich at the time said more easing was needed.
* Deputy Bank of Israel Governor Andrew Abir told Reuters further reductions were possible if price pressures remain stable and depending on how the economy reacts to three straight rate cuts.
