Mexican authorities announced today a new monthly increase in gasoline prices to try and alleviate the varying international prize of petroleum.
The "Secretaria de Hacienda y Crédito Público" (government department for Credit and Living) announced in a press release that the prize of regular gasoline and premium gasoline will have an increase of about 11 cents (10.9 cents to be exact) starting today, which is the same increase that has been in place since the start of the year.
With the new increase the price for a liter of regular will now be 11.36 Pesos (0.94 dollars) and 11.92 Pesos (0.99 dollars) for premium. Diesel will have a cost of 11.72 Pesos (0.97 dollars).
In spite of the increase gasoline prices the Mexican consumer will still receive a subsidy from the Mexican government, which reached 23.1 million Pesos (1.9 million dollars) during the first trimester. Indicated the "Secretaría de Hacienda".
In spite of the fact that Mexico currently produces an average of 2.55 million barrels of petroleum per day, they can't cover their gasoline needs with their current refinement capacity for which they must turn to international markets.