What actions are being taken against gasoline prices?
For the fourth week in a row the Ministry of Finance and Public Credit (SHCP) granted discounts of 100% to the IEPS fee charged to Magna gasoline, and for a third to diesel and Premium fuel.
The increases in gasoline prices were so abrupt, after Russia’s invasion of Ukraine, that the Mexican government granted other tax incentives through VAT and ISR to gasoline importers and refiners.
In addition, a few days ago, President Joe Biden ordered the release of crude oil reserves to relieve American households in the face of the increase in fuel prices as a result of the Russian invasion of Ukraine.
The measure will also supply a thirsty global energy market with a million barrels a day of crude oil for six months, in order to reduce the inflationary wave in the United States.
Biden said his “two-part” plan is not just to “alleviate the pain that families now have but to end this era of dependency and uncertainty and lay the foundation for true and lasting energy independence from the United States.”
He also warned oil companies not to be complacent about “record profits” from rising prices. “No American company should take advantage of the pandemic or the actions of Vladimir Putin to enrich themselves at the expense of American families,” he said.
With information from AFP and Dainzú Patiño.
