Photo: El Orbe

PULSE NEWS MEXICO

Mexican President Andrés Manuel López Obrador (AMLO) on Friday, Aug. 5, announced the his administration would no longer provide financial subsidies to offset the high cost of premium gasoline.

In March of this year, after global oil prices skyrocketed as a result of the war in Ukraine, López Obrador ordered the Treasury to provide a nationwide Special Tax on Production and Services (IEPS) subsidy to prevent soaring prices on all motor vehicle fuels.

But on Friday, AMLO said that he was rescinding the fiscal stimulus on premium (hi-octave) gasoline, while maintaining it for regular (Magna) gasoline and diesel.

Consequently, the price per liter of premium gasoline is now about 25 pesos.