JERUSALEM, Sept. 3 (Xinhua) -- Israel's Finance Ministry published a draft order on Thursday to reduce the excise tax on gasoline by 0.5 shekel per liter for public comment, in response to gas prices spiking just two days prior, according to a statement from the ministry.

After the public comment deadline expires on Sunday, Finance Minister Bezalel Smotrich is expected to sign the order. The price at gas stations will be updated at midnight between Sept. 6 and Sept. 7.

The intervention followed the announcement on Aug. 30 by the Ministry of Energy and Infrastructure's Fuel and Gas Administration that the maximum government-regulated price for a liter of self-service 95-octane unleaded gasoline will increase, overnight from Monday to Tuesday, to 8.25 shekels (about 2.73 U.S. dollars), matching the record set in September 2012.

The Energy Ministry attributed the latest increase to a roughly 6 percent rise in international gasoline prices.

On the same day, Israeli media reported that Smotrich was planning to reduce the gasoline tax to lower the fuel price.

The tax cut order requires the approval of Israel's Attorney General Gali Baharav-Miara, as a caretaker government during the period leading up to the general elections, scheduled for October 27, is permitted to make only decisions concerning urgent and essential matters.

Israeli media reported that Baharav-Miara approved the initiative late Wednesday.