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Thursday, June 30, 2022

Reports: Gas prices to be frozen for now

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Loosening gas prices in Mexico so far has led to higher price hikes. Photo: File

For the second time this year, the Ministry of Finance and Public Credit will postpone a hike in gas prices.

Gas prices shot up as much as 20 percent on Jan. 1 as federal officials overhauled the way they set price levels. 

Around the country, gasolinazo protests have reflected public fury at the Jan. 1 rise in fuel prices rose, as much as 20 percent. Another hike was possible on Friday, but prices will remain at Jan. 1 levels, according to several media reports who were reached by 0ff-the-record sources.

Gas prices are adjusted regionally. In Mérida the widely used Magna gasoline brand rose 14.2 percent to $15.42 per liter; Premium went up 20.1 percent to 17.11 pesos per liter; Diesel rose 16.5 percent to 16.49 pesos per liter. 

The decision was reportedly made Thursday night after a cabinet meeting at the Official Residence of Los Pinos. The meeting between officials began the day before.

The first price freeze was Feb. 3, which at the time was attributed to government austerity measures, the exchange rate and the international price of gasoline.

Gas prices have always been set by the government, but 2013 energy reforms adapted a more market-based approach, which authorities say ultimately benefit consumers through greater competition between gas stations.

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