Back in March of last year, when the gasoline subsidy was approved, the CIEP already warned that Mexico could lose as much as 554 billion pesos — 2 percent of the country’s gross domestic product (GDP) — as a result of the policy
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By KELIN DILLON Crude oil prices dipped down more than $4 a barrel on Monday, Aug. 15, to the same market levels seen before the Ukrainian invasion, a trend prompted by the release of disappointing economic data from China – the world’s biggest crude oil importer – that very same day. The price of a barrel of U.S. West Texas
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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
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By THE PULSE NEWS MEXICO STAFF Despite President Andrés Manuel López Obrador’s (AMLO) repeated promises to keep fuel prices down and ongoing tax discounts from the nation’s Finance Secretariat, gasoline prices in Mexico are now higher than in the United States. According to data from the consulting firm PetroIntelligence, regular gasoline sold Thursday in Mexico at an average of 21.51
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By KELIN DILLON According to the Mexican Center for Economic and Budgetary Research (CIEP), if the current tax subsidies provided to gasoline and diesel by the Special Tax on Production and Services (IEPS) are maintained, the Mexican economy will lose 554 billion pesos and experience 2.4 percent contraction in GDP in 2022 as a direct result of the policy. Given
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By THÉRÈSE MARGOLIS After stating that Mexico is against any use of military force to resolve geopolitical disputes, President Andrés Manuel López Obrador (AMLO) on Thursday, Feb. 24, said that he “has a plan” to avoid fuel price hikes in Mexico stemming from the Russian invasion of Ukraine. “In terms of foreign policy, Mexico is going to continue promoting dialogue,
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By RICARDO CASTILLO Mexico at Odds with Bolivia Diplomatic relations between Bolivia and Mexico are heading toward higher tensions as La Paz demands that Mexico deliver four out of nine people who have sought and been granted asylum in the Mexican Embassy in Bolivia. Mexican Foreign Relations Secretary Marcelo Ebrard announces in early morning of Thursday, Dec. 26, that he would
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By RICARDO CASTILLO Lest we forget: One of the unkept promises that helped to topple the popularity of former Mexican President Enrique Peña Nieto was his much-repeated outright lie that with his Energy Reform and Pemex joining free-market competition, “fuel prices will come down.” On Jan. 1, 2017, Peña Nieto made the grave error of liberating gasoline and diesel prices.
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