The price of gasoline will drop by about 3% Thursday night, after oil prices in Wall Street dipped to $88, their lowest level in eight months.

A liter of 95 octane unleaded gasoline at self-service pumps will cost NIS 7.43, a drop of 22 agorot, or 2.88%, from the present price.

The price of gasoline at a full service pump will drop to NIS 7.59, down 27 agorot or 3.44%, after the Energy Ministry cut service fees by 5 agorot.

The excise tax on the gasoline will be unchanged at NIS 2.84 per liter, and is expected to be updated in July. That is when the temporary three-month 15 agorot discount announced by the government in late March will end.

The drop in gasoline prices is smaller what was expected following the drop in the price of a barrel of oil, which had been $105 in early May and fell by 15 percent since then. However, gasoline companies filed a motion with the High Court, which ordered that their profit margin be increased. This leaves consumers with a smaller drop in prices at the pump.