Gasoline Tax Could Rise upto 6.9% Estimates AmegasBy Elliot Bullman
Amegas estimated the increase due to the impact that the update of the IEPS quotas and the projected inflation for the year.
The Special Tax on Production and Services (IEPS) that will be applied to gasoline this year is estimated to be 37 cents per litre.
In the case of regular gasoline, or Magna the increase will be 37 cents and in the case of Premium and diesel by 32 and 39 cents respectively, according to the Mexican Association of Gasoline Businessmen (Amegas).
As of November 30, 2017, the price of gasoline now depends on each individual service station, as part of the liberalization process that the Ministry of Finance is carrying out.
The National Organization of Oil Expenders (Onexpo), which represents the majority of gas stations in the country, explained that there is no indication of a generalized increase.
With these increases, the average price of the magna would exceed 17 pesos per litre and Premium and Diesel will exceed 19 and 18 pesos per litre.
This situation will be further exacerbated by the volatility of the exchange rate with the dollar, as well as by the 25% increase in the price of a barrel of oil, the association explained.
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