Israeli gasoline prices hit highest level in 14 years

JERUSALEM — Gasoline prices in Israel climbed sharply to their highest level in 14 years, with 95-octane fuel at self-service stations reaching 8.25 shekels per liter, according to the Israeli business daily Globes. The price marks a 16-agorot increase per liter over the August ceiling and is the highest regulated retail price since September 2012. Drivers who opt for full-service refueling pay an additional 26 agorot per liter, bringing the total to 8.51 shekels. Globes attributed the increase primarily to a 6 percent rise in international gasoline costs. The shekel's 3 percent gain against the dollar partially offset the global price hike, limiting the impact to roughly 10 agorot per liter. The remaining 6-agorot increase was linked to the indexation of Israel's excise tax and higher commercial margins at fuel stations. The new prices took effect at the start of the month, further raising fuel costs for Israeli consumers. No further details on potential price movements were immediately available.