Israel raised the price of gasoline for the third month in a row to 7.51 shekels ($2.10) per liter for 95 octane gasoline. The rise was driven by the rise in global oil prices, the fluctuation of the shekel exchange rate against the dollar, and the decision of Israeli Finance Minister Bezalel Smotrich to restore the previous full level of the production tax on fuel.
Israel was forced to cancel tax cuts that were intended to reduce gasoline prices in order to finance the expenses of the war on the Gaza Strip.