After the Easter holiday period, the Ministry of Finance and Public Credit (SCHP) decreed to maintain the fiscal stimulus for gasoline for another week, so the Excise Tax on Production and Services (IEPS) will not be collected from April 23 to 29, 2022.
According to what was published in the Official Journal of the Federation (DOF), there will also be an increase in the complementary stimulus for magna, premium and diesel gasoline, an incentive that has been applied since the end of February throughout Mexico.
Thus, the additional stimulus for diesel will be 4.7 pesos (during the Easter holidays it was 2,8612 pesos per liter); for the Magna it will be 1.89 pesos (before it was 1.0225 and for the Premium it went from 0.16 pesos to 1.09 pesos per liter.
With both inventories, the Mexican population would be saving approximately 7.38 pesos per liter for Magna gasoline; 5.73 pesos for Premium and around 10.75 pesos per liter for diesel.
It should be noted that fuel prices can vary depending on a variety of factors, such as the reference price (which is based on international oil prices and is quoted in dollars globally), taxes (such as IEPS), logistics (transportation and storage costs) and location geographic.
The IEPS was implemented in the 1980s as the tax paid for the production, sale and import of various products, such as beers, soft drinks, tobaccos or fuels, for example. In this regard, these fiscal stimuli are being implemented to reduce the impact on gasoline prices resulting from the conflict between Russia and Ukraine.
However, this measure has received a number of criticisms for the costs it will generate to the public treasury. According to the head of the Tax Administration System (SAT), Raquel Buenrostro Sánchez, fiscal incentives to gasoline would cost 350 billion pesos (mdp) at the close of this 2022.
In a press conference on April 21, Buenrostro Sánchez commented that these incentives granted by the government of Andrés Manuel López Obrador could reach an expenditure of up to 400,000 mdp, which is equivalent to the construction of two of the megaprojects of the Fourth Transformation: the Mayan Train (at a cost of 200,000 mdp, approximately) and the Olmeca refinery in Dos Bocas, for which 9 billion dollars (more than 180 thousand mdp) will be allocated.
According to the head of the SAT, for not charging the IEPS, 200,000 mdp would not be collected for this year, while due to complementary stimuli it would stop charging 13,000 mdp per month, that is, 156,000 mdp by the end of this 2022. In this regard, he recalled that last year these stimuli to gasoline cost the Mexican government about 104,000 mdp, that is, twice less than expected this year.
According to the prices released by the Energy Regulatory Commission on April 23, the average liter for gasoline and diesel nationwide is as follows:
-Regular gasoline: 21,549 pesos per liter.
-Premium gasoline: 23,549 pesos per liter.
-Diesel: 23,233 pesos per liter.
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