Meade confirms second “gasolinazo” for February

By Elliot Bullman

The Secretary of Finance and Public Credit, José Antonio Meade Kuribreña, confirmed that on February 4th there will be a new price increase for gasoline in the country, although not of the same magnitude as the one of January.

Portada nuevo aumento

"This was a very important adjustment that reflected two conditions that were very unusual, the first was a very significant increase in the price of oil. For eight years OPEC member nations had not agreed on a cut in production, which meant an increase in the price of oil of just over 20% in the last quarter of the year," he told Radio Formula.

Meade said that the current price of gasoline will be in force until February 3rd and that no increases are going to be recorded prior to that date.

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"The variables that were present before, are not present today. The exchange rate is not as volatile as we saw in December, but we will have to wait and see about how this volatility translates," said the federal official.

February marks the second petrolazo of the year, since there is a rise in the price of the international reference with which determines the current price formula of the Ministry of Finance and Public Credit (SHCP).

"Starting February 3rd, based on the current formula for the determination of the maximum prices, we anticipate an additional increase of gasoline prices of 8%, compared to January of this year," he said.

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