EconomyLast Minute: Treasury further reduces the magna gasoline subsidy

Last Minute: Treasury further reduces the magna gasoline subsidy

The Ministry of Finance reported this Friday that for the third consecutive week it continues with the reduction of the subsidy for magna and premium gasoline ; and will only maintain the 100% stimulus for diesel.

For the week of August 20 to 26, the subsidy for magna gasoline will be 93.47%, and for premium 76.06%, according to what was published in the Official Gazette of the Federation (DOF).

In this way, consumers will pay 0.35 cents per liter of magna gasoline and 1.11 pesos per liter of premium.

For the week ending this Friday, the agency in charge of public finances charged 32 cents per liter of magna gasoline (a subsidy of 94.12%) and 1.28 pesos per liter of premium (a subsidy of 72.34%).

The Treasury also published in the DOF that there will be no additional incentives for magna and premium gasoline, for diesel it will be 1.79 pesos per liter.

In order to maintain the price of fuel, and thus avoid a further rise in inflation, the federal government began with 100% subsidies for the payment of IEPS for gasoline and diesel six months ago.

On August 9, the undersecretary of the Treasury, , stated that the subsidies will decrease as the price of oil decreases.

PROFECO will be monitoring gasoline, as they have a 100% subsidy this week

The federal attorney, Ricardo Padilla, reported that this week the three fuels, premium, diesel and regular gasoline have 100% incentives.

Higher rates for gasoline in September, these will apply from 24 to 30

The fee per liter of Premium was 1.46 pesos for the first week of September, for the week that begins tomorrow, Saturday, it will be 1.96 pesos per liter.

Where is Mexico? The cheapest gasoline and electricity rates in Latin America

Mexico has one of the cheapest electricity rates in the region, although it does not have the cheapest gasoline. In Europe, meanwhile, they suffer from high prices and seek to reform the electricity market.

IEPS fees on gasoline rise for the second week in a row

The fee per liter of Premium went from 1.46 pesos last week to 2.14 pesos for the week of September 10 to 16.

Attention, Mexico! These are the IEPS quotas for gasoline for the following week

Diesel is free from the IEPS quota for the week of August 27 to September 2, the Ministry of Finance reports in the Official Gazette of the Federation.