SHCP activates subsidies for diesel and two gasolines

Given the escalation of international crude oil prices, the Ministry of Finance and Public Credit (SHCP) activated subsidies for Magna and Premium gasoline and diesel.

The agreement issued in the evening edition of Official Gazette of the Federation (DOF) indicates that for the week of March 21 to 27, for each liter of the three main vehicle fuels, the federal government will apply a stimulus to the special tax on production and services (IEPS).

For the second consecutive week, the Treasury will approve a 61.8 percent subsidy for regular gasoline, which is equivalent to 4.55 pesos; Thus, consumers will only pay 2.81 percent of the tax.

The subsidy for this fuel is higher because it is the most used for transporting goods, in order to mitigate inflationary pressures.

In the reference period, the federal government will absorb 24.08 percent of the IEPS, so that consumers will only contribute 5.08 pesos of the tax for each liter.

For red or Premium gasoline, the federal government will apply a subsidy of 7.47 percent per liter, so consumers will only pay 5.23 pesos in IEPS.