The price of regular gasoline for Mexican consumers had an annual increase of 2.7%, increasing 58 cents to settle at 23.72 pesos per liter in the latest report from the Energy Regulatory Commission (CRE) in March.
So far this administration, its price has increased by almost 11%, derived from geopolitical factors such as increases in the price of oil, the Covid 19 pandemic, and Russia’s invasion of Ukraine.
The consumer price peak for this gasoline, which more than 80% of motorists buy, occurred last October, when its national average cost was only 3 cents higher than the average price in March because, in addition, starting in January, the Prices have increased steadily, by an average of 0.5% per month.
However, the reference for the gasoline molecule component in the final consumer formula, which is the spot price of the US Gulf Coast, shows a reduction of 21% in one year, since it was located at 2.53 dollars per gallon last March, which is 66 cents less than the price for the same month last year.
On the other hand, so far this year, the spot price has increased by a monthly average of 5.6% percent. The lower price increase in Mexico is explained by a lower collection via the special tax on production and services (IEPS), which only in March 2023 had a 44% discount for regular gasoline drivers, who paid 3.3 pesos per liter. of IEPS and not 5.9 pesos per liter established at the beginning of the year by the Treasury, since the rest was forgiven, with the purpose of following the government policy of not having increases that exceed inflation for each period.
