Mexico offers tax credits to buffer rising gasoline prices
The Mexican government has decided to reduce taxes on gasoline to soften the blow of rising prices, which have climbed approximately 10% so far in 2018, according to daily El Economista.
The finance ministry SCHP stipulated tax credits of 3.25 pesos per liter (US$0.16/l) for diesel, a 2.12-peso/l credit for premium gasoline and 2.98 pesos/l for magna gasoline, up from credits of 3.15 pesos/l for diesel, 2.04 pesos/l for premium and 2.97 pesos/l for magna.
In the third week of April this tax stimulus was 1.90 pesos/l for diesel, 0.95 pesos/l for premium and 1.94 pesos/l for magna, implying a 71% hike in the subsidy for diesel, 123% for premium gasoline and 54% for magna gasoline over the last two months.
The current prices for gasoline average 18.96 pesos/l for diesel, 19.40 pesos/l for premium and 17.92 pesos/l for magna.
Gasoline prices sparked major protests in early 2017 as they climbed sharply after liberalization of the market and this remains a politically charged topic as the July 1 presidential election draws near.
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