The price of octane-95 gasoline dropped 9% on Sunday at midnight, from NIS 5.45 (about $1.37) per liter to only NIS 5 ($1.25) for self service (the fueling fee at stations stands at 13 agorot – 3.3 cents). In October, the petrol price was down 13%.
The price of octane-96 gasoline was also reduced by about 9% on Sunday night, from NIS 5.51 ($1.38) per liter to NIS 5.01 ($1.258).
The petrol price has experienced a steady decline since July – when it reached an all-time high of NIS 7 ($1.76) per liter – in accordance with the worldwide drop in the price of oil, on the backdrop of the global financial crisis.
An attempt by OPEC (Organization of Petroleum Exporting Countries) to stop the drop in oil prices by reducing the production has failed, and oil is currently traded at a little over $50 per barrel.
Chen Bar Yosef, head of the gasoline division at the National Infrastructures Ministry, published Sunday a price update for the month of December, which included another decrease in the prices of petrol, which went into effect at midnight.
This brings the petrol prices back to their level on December 2004, when the price of 1 liter of gasoline was NIS 5.
The price of diesel fuel is unsupervised, but was also expected to drop by 90 agorot per liter. Today, the price of diesel fuel in petrol stations ranges between NIS 6.5-7 ($1.63-1.76) per liter.
Guy Mei-Tal contributed to this report