International crude oil prices have soared to 14-year highs, fueled in recent days after some buyers of the product have rejected cargoes from Russia following its invasion of Ukraine and subsequent sanctions, exacerbating existing oil shortages and natural gas.
“What remains to us as a federation, most of it, will compensate for what the increases in fuel prices can mean or could mean (…) We would use it to subsidize fuel so that the price does not increase of gasoline and diesel,” said López Obrador.
The president insisted that Mexico “is not affected” by the economic crisis resulting from Russia’s invasion of Ukraine that began two weeks ago and has left thousands dead, according to Kiev.
“We are not going to have problems with price increases in fuel or electricity despite the invasion and the war in Ukraine. We are not going to increase the prices of gasoline, diesel, or the price of electricity so that Let’s be calm about that,” he said.
The president assured that his government “managed to stop the fall” that occurred for 14 consecutive years in oil extraction.
In addition, he stated that gasoline purchases from abroad have been reduced by 45% with the investment made to rehabilitate the six existing refineries, the purchase of Deer Park in Houston, and the construction of the new Dos Bocas refinery in the Mexican southeast.
“We have enough oil reserves, so oil is being exported and we are obtaining surpluses and there are going to be more surpluses from the sale of crude oil, around 900,000 barrels per day,” he explained.
Despite his vision, the president acknowledged concerns about inflation, which exceeds a general rate of 7% per year, its highest level in 20 years.
“Of course there are imbalances in the fuel market due to some measures that are being taken,” he lamented.
With information from EFE and Reuters
