Gasoline prices to rise at midnight, hitting 3-year high

The price of gasoline will rise by 23 agorot (approximately 7 cents) at midnight on Sunday, marking a 3.6 percent rise in the cost of fuel from a self-service pump.

The new price of NIS 6.62 ($2) per liter of 95 octane gasoline (including VAT), continued an upward trend since May last year, when the price was NIS 4.79 ($1.4).

While the new price broke a three-year high, it was still far from the record of NIS 8.25 ($2.65) in 2012, according to Hebrew-language media reports.

The trend is expected to continue, given higher global demand for fuel, according to the Calcalist business daily.

The sudden decline in gas prices seen in May last year was blamed on the onset of the coronavirus pandemic and related lockdowns.