Business · Energy & Commodities · 2 days ago

Mexico cuts fuel taxes as diesel gets a fifth week of full relief

Mexico cuts fuel taxes as diesel gets a fifth week of full relief

Mexico’s Finance Ministry has cut the IEPS fuel tax on gasoline for the week of Oct.

10–16.

The IEPS charge on Premium gasoline will be 1.62 pesos per litre, down from 2.08 pesos.

Diesel will have no IEPS charge for a fifth consecutive week, with a 100% tax discount worth 7.36 pesos per litre.

The ministry will also provide diesel support of 1.09 pesos per litre, up from 0.60 pesos this week.

These tax breaks are meant to limit fuel price increases in Mexico as international oil and fuel prices rise.

The government has capped prices at 24 pesos for Magna gasoline and 27 pesos for diesel.

Finance Secretary Édgar Amador Zamora said that without the support, price increases in the country would exceed 4%, rather than the current 3.4% level.

Sources

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