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Possible gasoline price hike in store for January

Mexico City, Mexico — Talk of gasoline price increases has some top officials saying an increase of up to 20 percent could be seen in 2018.

Analysts, along with the Mexican Association of Gasoline Businessmen, estimate that beginning January, there is the possibility of a price hike that could reach as high as 20 percent.

President of the Mexican Association of Gasoline Businessmen Pablo González said that the increase in prices “is a latent possibility,” while also indicating that the increase would result from the increased prices of gasoline and oil in international markets coupled with the fact that Mexico’s imports are more expensive.

Today, the price of Magna gasoline is 16.76 pesos per liter, Premium 18.50 and Diesel 17.66. If the increase of 20 percent goes ahead, new prices that could take effect as of January 1 would be 20.11 pesos for the green pump, 22.2 peso for the red and 21.19 pesos for diesel.

However, José Antonio González, CEO of Petróleos Mexicanos (Pemex), categorically denied any gasoline increase at the end of this year. Instead, he stressed that the mechanism in force since the beginning of this year to fix the price of fuels is designed to reduce the volatility that characterizes the hydrocarbon market worldwide.