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Business

Next Month Sees Increase in Gasoline Prices

The price increase will place this month's price of Magna gas at the limit of gasoline prices for the year 2016

Fuelpumps, photo: Pixabay/Michoko
By The News Whatsapp Twitter Facebook Share
1 year ago

According to the Treasury and Public Finance Secretariat (SHCP), as of tomorrow the price for a liter of Magna gasoline will go up two centavos, a 14 percent increase from August when the average price of gasoline was recorded at 13.98 pesos. The price of diesel will increase by 47 centavos, or 3.36 percent, to 14.45 pesos per liter. The price of premium gasoline will remain at 14.81 pesos per liter.

The increases are part of a transition to a free market of gasoline.

While allowing fluctuation according to international trends, the current system caps price increases based on previous gasoline prices. The price must fall within the range of plus or minus 3 percent of the average price of gasoline recorded the year before.

The SHCP said that the price increase will place the price of Magna gas for this month at the limit of gasoline prices for the year 2016. As the price is capped, the price of gasoline will not rise any higher for the rest of the year, similar to what happened to the price of Premium gas last month.

The prices that were announced for September “reflect the strict application of a system and conform with the government’s promise to assure macroeconomic stability and fulfill the financial goals of 2016,” says the SHCP.

 

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