Israel’s Minister of Finance Avigdor Lieberman announced that an excise tax on fuel would be reduced by 0.50 NIS ($0.16) for a liter (0.26 gallons) of gas.

According to a report in the business daily Globes on Tuesday, the move comes as fuel prices reached an eight-year high.

Last Friday, the maximum price-controlled 95 octane gas at self-service pumps reached 7.44 NIS ( $2.32) per liter.

Lieberman said the reduction would last three months and then be reassessed. He was previously against the idea since it would encourage vehicle use.

“At the moment, it’s possible to give back NIS 0.50 from an excise tax on both a liter of gasoline and a liter of diesel. The price of gasoline will be NIS 6.90 [$2.15] per liter and diesel will go down accordingly,” said the minister, according to the report.


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