Egypt, which supplies Israel with one quarter of its oil, has reduced prices by approximately 25 percent, thus saving the Treasury over $50 million a year.
Effective Monday, Israel will pay $8.75 for a barrel of heavy crude oil, down from $12.10; and $10.75 for light crude, down from $13.25. “A reduction of every dollar in the price of an oil barrel means a savings of $50 million a year,” Energy Minister Moshe Shahal said in a radio interview. He said he hoped the price cut will be passed on to consumers immediately after the Passover holiday.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
