Published On: Mon, Dec 29th, 2014

Mexican Senators oppose gasoline price increase in 2015

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National Action Party (PAN) senators led by former Treasury and Public Finance Secretary Ernesto Cordero Arroyo, called on President Enrique Peña Nieto to cancel the 3 percent increase in the price of gas programed for January of the coming year because of the severe economic impact on families.

The increase in fuel prices will push inflation, increase the cost of goods and services and limit the development of all economic activity in the country, said the lawmakers.

The PAN legislators also called on the Treasury and Public Finance Secretariat to implement permanent mechanisms for the revision and fluctuation of international combustible prices.

Legislation should allow the government to determine a monthly fixed rate of gasoline prices, they said.

In the last quarter of 2014, the price per barrel of Brent oil fell from $102 to $70.5 and continues to fall, while a barrel of West Texas oil fell from $90 to $66, said the PAN senators.

The price of gas in the United States has fallen congruently with the price per barrel of oil, which has not happened in Mexico, said the senators. Legal conditions exist that allow the government to adjust the price of combustibles according to the international market.


PAN senator and former Treasury and Public Finance Secretary Ernesto Cordero Arroyo (Photo: Google)


The federal government would be wrong to not only fail to lower the price of gasoline but to also raise the price, they said.

If the trend continues for the next year, gasoline in Mexico will be at least 50 percent more expensive in Mexico than in the United States, creating negative effects on the inflation rate and transportation cost, the lawmakers said.



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