End of Support for Diesel and Gasoline in December

During the week of December 7 to 13, the Ministry of Finance and Public Credit (SHCP) will not provide discounts on the Special Tax on Production and Services (IEPS) that applies to Magna, Premium gasoline, and diesel. Thus, the IEPS rate for Magna gasoline will be 6.1752 pesos, while for Premium it will be 5.2146 pesos, and for diesel it will be set at 6.7865 pesos, contrasting with the previous week that had a subsidy of 0.33%. When fuel prices remain stable or do not experience significant increases, the Ministry of Finance tends to collect the full amounts or offer small discounts on the IEPS, which benefits tax collection.

On the other hand, if oil prices increase, the Ministry of Finance adjusts these rates downward to mitigate the rises in fuel costs within the country. The IEPS rates are modified weekly and published in the Official Journal of the Federation; moreover, they have limits that are updated annually according to inflation each December, applying for the next year. For instance, at the end of 2024, the corresponding rates for the year 2025 will be announced. What is the price of gasoline in Mexico? According to data from the agency PETROIntelligence, the average price of Magna gasoline in the country on December 6 was 23.98 pesos per liter, 25.34 pesos for Premium, and 25.69 pesos for diesel.

It is important for consumers to stay alert to these price adjustments, as they can impact not only their wallets but also inflation and the economy in general. As subsidies are eliminated, we could see an increase in transportation and product costs, highlighting the need to consider alternative energy sources and promote energy efficiency at all levels. This would be crucial at a time when the economy seeks to stabilize and grow sustainably.