Losses inflicted on Israel from Iran’s last month's attack on the regime’s largest oil refinery could amount to $3 billion, according to initial estimates by insurance companies and economic experts.

The estimates cited in a Sunday report by the Fars news agency said that the refinery in the Israeli-controlled city of Haifa had suffered $1.5-2 billion in damage to its physical installations as a result of the Iranian attack that took place on June 17.

The report said the refinery, which had a capacity of processing 197,000 barrels per day before the attack, would also lose some $450 million in monthly revenues until October, when it is expected to return to service.

The Israeli regime will have to increase its imports of oil products because of the hit as its other key refinery in the port of Ashdod is undergoing repairs, the report said, adding that rising imports would add more pressure on the regime’s finances at a time it is grappling with the aftermath of the war with Iran.

The report said that the closure of the refinery in Haifa has seriously affected domestic fuel prices in the occupied territories and has led to increasing transportation and manufacturing costs for the regime.

The fuel shortage has also increased the number of power cuts in Israeli-controlled cities and towns, leading to growing public dissatisfaction.

The attack on the refinery came after the Israeli regime targeted economic infrastructure in Iran, including a gas processing facility in the south of the country and two fuel storage facilities in the capital Tehran.

Reports have pointed to massive devastation in the Israeli capital of Tel Aviv and in Haifa as a result of Iranian attacks despite efforts by the regime to cover up the damage.

Iran ended its retaliatory attacks on Israel on June 24 after the US government said it had worked out a ceasefire to end the 12-day war between the two sides.