Jerusalem, Feb 28 (IANS): The Israeli Ministry of Energy has announced an increase in fuel prices from March 1.

The maximum price for unleaded 95-octane gasoline, which is supervised by the Israeli government, is set at 7.05 shekels ($2.18) per litre beginning on March 1, up 34 cents from February, according to the Ministry's monthly fuel pricing bulletin.

According to historical data published by the Ministry, the price has been at its highest level since November 2014, when it was likewise fixed at 7.05 shekels per litre, Xinhua news agency reported.

Gad Lior, a senior analyst for the Yedioth Ahronoth daily newspaper, told Xinhua that the price hike is due to a significant oil price rise in the Mediterranean basin and a two per cent increase in the rate of the US dollar against the shekel in January.

Another reason, he said, is the Israeli government's refusal to lower the fuel tax rate, which is currently 67 per cent of the consumer price.

Israel's fuel tax revenues totaled 21.5 billion shekels in 2021, according to the 2021 state revenues report issued by the Finance Ministry.