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Gas prices, already rising, surge under the Harvey effect

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Harvey has been cited in a recent spike in gas prices across Mexico. Photo: Sipse


Mérida, Yucatán — Drivers woke up Tuesday to higher prices at the pump, where costs have risen steadily all year.

But even steeper increases that were predicted came true when Hurricane Harvey inhibited Gulf oil production in the United States.

The most popular gas, Pemex’s Magna, is now 15.33 pesos for a liter; on Monday, Aug. 21, a liter of Magna cost 15.10 pesos.

Gas prices in Mexico fluctuate based on a formula that factors in production costs and demand, among other variables.

Harvey impacted a region where 5 million barrels of oil a day were produced. Mexico is the No. 1 purchaser of gas produced in the United States. Pemex has relied mainly on imports while its six refineries have been producing historically low volumes.

The Energy Regulatory Commission (CRE) confirms that, since Harvey blew through, Yucatán gas prices have risen at least 20 cents. Between Monday and Tuesday, Magna rose another 2 cents.

According to the prices published by CRE, between August 21 and September 4 the price of Magna gasoline was at $ 15.10, accumulating until today 23 centavos increase. Yesterday, that fuel was quoted at $ 15.31 a liter.

Prices were already rising before the storm. The average price to fill a tank with Magna is 636.80 pesos. At the end of July, the same tank cost 627 pesos to fill. As of Aug. 21, is was another peso, and yet four more pesos by last Friday.

Premium gas is now 17.06 pesos per liter; Diesel is at 16.09.

Source: Sipse

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