Gasoline prices have been reduced to the level they were at preceding the outbreak of the Arab-Israel war last June, it was announced today.
The price rose substantially the first week in June, when Egyptian forces seized the heights of Sharm-El-Sheikh, dominating the Strait of Tiran, and blocked the passage of oil tankers to the Israeli port of Eilat. With Sharm-El-Sheikh now under Israeli control, the strait reopened and fuel shipment restored to its pre-war volume, transportation costs have dropped and the Government has been able to cut the price of gasoline accordingly.
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