He asserted that without the fiscal stimuli, the price of gasoline could have reached 35 pesos per liter, instead of 22 pesos, which is around the average price of Magna gasoline.
“This increase of 35 pesos per liter, could not only have had an impact on inflation and take it to 13 or 14%, but also have led the Mexican central bank to greater increases in the monetary policy rate, we estimate that the interest rate it would be above the 9% that we are having right now”, he commented when explaining the report on finances and public debt for the third quarter.
Banxico raised the rate to 9.25% at its meeting last September.
If the Treasury charged or did not make discounts to the IEPS fee, these would be 5.49 pesos per liter of Magna; 4.63 pesos per liter of Premium, and 6.03 pesos per liter of diesel.
How much does the gasoline subsidy cost?
According to the report, the Treasury stopped receiving 314.693 million pesos (mdp) compared to what was programmed, for IEPS on gasoline from January to September. Even the collection of this quota is negative, in this period, by -106,071 million pesos.
Undersecretary Yorio asserted that the increase in oil price hikes, and therefore the resources that reach the Public Treasury for oil revenue, will compensate for this shortfall at the end of the year. The report details that oil revenues were higher by 212.128 million pesos, than scheduled, in the January-September period.
Meanwhile, the Treasury will grant for the third consecutive week, from October 29 to November 4, a 100% discount on the IEPS fee for a liter of Magna gasoline, but will charge 0.13 pesos of IEPS per liter of Premium gasoline; diesel will continue to enjoy the 100% discount as has happened throughout the year.
