19 August 12 12:27–Israel has the third highest price in the world for gasoline, according to a “Bloomberg” survey, and the situation is unlikely to improve anytime soon.
“Globes” reported on Thursday, that the price of self-service 95 octane gasoline, which is government controlled, could rise from the current NIS 7.70 per liter to as much as NIS 8.25 per liter on September 1, due to the rise in the price oil and the VAT hike, which will come into effect on the same day.
The “Bloomberg Gas Price Ranking” of 60 countries has two variables: the average price of gasoline at the pump in US gallons (3.75 liters), and the pain at the pump, which is measured by the percentage of average daily income needed to buy a gallon of fuel.
Norway tops the “Bloomberg Ranking”, at $10.19 per gallon in the second quarter, 4.4% more than in the preceding quarter. However, Norway ranks 52nd in pain at the pump, because of the country’s high average daily income of $272. It is followed by Turkey, at $9.41% per gallon, but 7th in the pain at the pump ranking, because the average daily income is $30 per day.
The price per gallon of premium gasoline in third-placed Israel is $9.28, and the pain at the pump rank is 31: “The average daily income in Israel is $87, and it takes 11% of an average day’s wages to buy a gallon of gas,” says “Bloomberg”, which did not include Israel in its previous survey.
“Bloomberg says, “Surrounded by oil producers in the Middle East, Israel itself drills very little. Gasoline prices are controlled by the government, and taxes typically make up about half the cost of a gallon…Read More>>