The rise in oil prices and lower production affect public finances

The rise in oil prices and lower production affect public finances

This affected the collection of the general IEPS, since it was scheduled to collect 46,562 million pesos, which represented 5,103 million pesos less than what was approved in the Chamber of Deputies and expected by the Treasury.

Hacienda charges a fee of 5.49 pesos per liter of Magna; of 4.63 pesos per liter for Premium and 6.03 pesos for diesel, however, since the first week of the first month of the year it has charged a reduced fee due to the increases that have been seen in oil prices globally, and that affect in the price of its derivatives.

Week after week the Treasury updates the reduced quota, and publishes it in the Official Gazette of the Federation (DOF), in the first week of January the discount to the IEPS quota of Magna gasoline was 59.4%, while in the last week of From January 22 to 28, the discount rose to 77.05%.

Oil goal not exceeded

The lack of IEPS income for gasoline should be compensated with more oil income as a result of the increase in petroprices, however, these incomes were 42,436 million pesos, below what was programmed.

“This derived from lower domestic sales and lower crude oil production compared to what was forecast for the month,” reported the Ministry of Finance and Public Credit (SHCP), in a statement.

Compared to the same month last year, oil revenues were 35.1% higher.

Total income down

In January 2022, public sector budget revenues reached 543,470.3 million pesos, an amount lower by 49,688 million pesos than expected in the program, but higher by 3.1% per year in real terms compared to January 2021.

Meanwhile, tax revenues reached 379,838.7 million pesos, a similar figure in real terms compared to what was observed in the first month of last year. And -0.2% less than what was approved in the 2022 economic package, that is, 15,764 million pesos that did not reach the public coffers this month.

Inside, the real annual increase of 10.6% in ISR collection stands out, said the dependency in charge of Rogelio Ramírez de la O. Compared to what was programmed, this was 10.5% higher.

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