(July 4, 2022 / JNS) A hike in gas prices has contributed to a brand new document in Israeli bank card bills, in response to figures launched on Monday by the Israeli Automated Financial institution Providers firm.

The final two days of June noticed an increase of greater than 12% p.c improve in bank card spending in comparison with the identical time the earlier month. This represents an all-time excessive, in response to a report by Mako.

The final two days of June noticed over 175 million shekels ($50 million) of bank card transactions, in comparison with 156 million shekels ($44.6 million) within the final two days of Could.

On June 30, the mixed bank card transaction sum in Israel crossed the 100 million shekel ($28.6 million) threshold, representing an increase of 12.6 p.c in comparison with the sum on Could 31, which stood at 89.6 million shekels ($25.6 million).

On Friday, the price of gasoline rose to eight.08 shekels per liter (approx. $8.7 per gallon), the second highest value in Israeli historical past, amid an increase in world oil costs. This regardless of a transfer by the federal government in April to scale back excise tax till the tip of 2022.

In response to a report by Bloomberg on June 29, a central issue within the world gas worth rise was the dearth of house processing capability to show accessible crude oil into consumable fuels. A scarcity of refining infrastructure saved gasoline worth inflation excessive “even when crude [oil prices] fell again in June,” mentioned the report.

As well as, the Russian conflict on Ukraine led to worldwide embargoes on Russian vitality exports, that means that crude oil costs that feed refineries “surged above 100 {dollars} a barrel,” earlier this 12 months, the report mentioned.

“World oil manufacturing was already solely slowly recovering from Covid-related disruption, with some main producers struggling to extend provide and the U.S. pumping considerably lower than earlier than the pandemic. That made it more durable to shortly change Russian oil, main to provide tensions that inflated gas costs,” it said.