AMLO government applies its first subsidy to gasoline magna

Mexican motorists will pay less tax for regular fuel.

The government of President Andrés Manuel López Obrador applied its first subsidy to regular gasoline, known as magna.

The Ministry of Finance and Public Credit determined a fiscal stimulus of 1.95% to the Special Tax on Production and Services (IEPS) for petrol less than 92 octane, according to the Official Gazette of the Federation (DOF).

This means that Mexican consumers will pay 0.094 pesos less than the tax, whose quota is 4,716 pesos per liter, from 9 to 15 March.

The measure is incorporated after the government of Enrique Peña Nieto withdrew the subsidy in its last week of administration, in November 2018.

Diesel also received a fiscal stimulus of 19.51% or 1.03 pesos from the IEPS.

Premium gasoline or greater than 92 octane will remain subsidized by the federal government.

Forbes

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