Since December 2016, the price of regular gasoline in Mexico has shown an average increase of MXN$0.30 cents per month, El Universal reports…
The price of regular gas (Magna), used by 8 out of 10 vehicles in Mexico, broke records this week, selling at MXN$19 pesos per liter in some areas of the country. In some municipalities in Michoacán, this type of fuel was sold at MXN$19.21 per liter – the highest price reported by the app Petro Intelligence.
In Mexico City, in the Xochimilco borough, Magna gas sold for up to MXN$19.47, the highest price reported by a gas station, while in the Miguel Hidalgo borough it reached MXN$19.02.
If we compare the price this type of gasoline had in December 2016, one month after being deregulated (MXN$13.98), and the maximum price reported in Xochimilco, we find that the price for Magna has increased MXN$5.49 per liter in about 18 months.
This means, pursuant to the numbers reported by Petro Intelligence and Petróleos Mexicanos (PEMEX), that the price per liter of Magna gas has been increasing MXN$.30 cents a month.
Magna is the most common type of gas used in vehicles and has recently seen an increase in sales, seeing that many newer vehicle models have switched to regular gas due to the price hike in Premium gas. PEMEX supplies a volume of 656,900 barrels a day of regular gas to meet domestic demand, according to the data from the first quarter of 2018.
Yet the domestic production during the first four months of the year, estimated at 210,300 per day, only covered 32% of domestic demand. The rest was imported from foreign countries, mainly from the United States. Currently, Mexico spends, on average, USD$1.5 billion importing gas from the United States.
Source: El Universal
