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New Year fuel increase sparks chaos with another increase expected

Cancun, Q.R. – Fuel rates are expected to increase for a second time this year with a new announcement from Finamex.

As of Febauary 3, an increase of an additional 8 percent in gasoline prices are expected throughout the country. According to Finamex, the increase is based on the current formula of maximum prices.

In a statement on Wednesday, the Mexican securities market company reported, “We detected increases for the international reference used in the current formula for the determination of the maximum prices that, if maintained in the first week of February, would give increases of 8 percent for both Magna and Premium gasoline.”

The increased price of gasoline will be determined by a number of factors including international oil prices, refining, transport and storage costs, service station margins, taxes and the current exchange rate.

The first gasoline and diesel rate increase to hit stations around the country rang in with the New Year at an increase of up to 20 percent in some regions. The New Year price increase has sparked chaos in many parts of Mexico ranging from peaceful demonstrations to store vandalism and looting that lead to numerous gas stations closing their doors despite offering 24-hour service.

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