Mexico weekly gasoline hikes to begin on Friday
Wed Sep 17, 2008 12:14pm EDT
MEXICO CITY, Sept 17 (Reuters) - Mexico said on Wednesday it will start raising gasoline prices weekly beginning this Friday, in a new policy that
will be closely watched by investors concerned with rising inflation.
"The increase will be between two and three centavos (per liter)," Finance Minister Agustin Carstens told Mexican radio.
Mexico traditionally has adjusted retail gasoline prices by a few centavos a month, but in recent months the hikes have come more often and on an
irregular basis.
Carstens would not specify which gasoline grade would rise in price. Most Mexicans use standard grade fuel, known as Magna. Premium-grade gasoline is
more expensive.
The Mexican government, which controls prices for gasoline and diesel, will continue to push fuel prices closer to what U.S. consumers pay at the pump
in the coming months, Carstens said.
Rising prices for energy and food have sent Mexico's inflation rate to its highest level in more than five years. Consumer prices rose by 5.57 percent
in the 12 months through August.
A shortfall in domestic refining capacity means Mexico imports about 40 percent of its gasoline and the government has used massive subsidies to
shield consumers from soaring international fuel prices.
The government started increasing the size of each monthly gasoline increase in April.
The finance ministry has estimated the subsidy will cost public coffers about 240 billion pesos ($22.5 billion) this year, but a drop in international
gasoline prices in recent weeks means the figure will probably be lower, Carstens said.
"It has been reduced at least 30 or 40 billion pesos," Carstens said of this year's expected total subsidy. ($1=10.67 pesos).David K - 9-19-2008 at 07:16 PM
Of interest, $3.55/ gal at Costco and Arco stations in Santee (San Diego County) today.Russ - 9-19-2008 at 07:20 PM
This is really sad. I thought Mexico was about the fifth largest oil producer and they have to import refined products. I read last Spring Mexico was
rehabbing 12 refineries and building another 4 or so new ones.Baja-Brit - 9-20-2008 at 12:45 AM
Quote:
Originally posted by David K
Of interest, $3.55/ gal at Costco and Arco stations in Santee (San Diego County) today.
Nice and cheap then.
As you werewoody with a view - 9-20-2008 at 06:11 AM
DAMN, i'm gonna have to fore go at least 2 ballenas to help pay for fuel in three weeks. T-minus 21 days.....
OH, THE HUMANITY!!!David K - 9-20-2008 at 08:06 AM
"The increase will be between two and three centavos (per liter)," Finance Minister Agustin Carstens told Mexican radio."
Remember, it takes TEN centavos to make ONE PENNY U.S. Hook - 9-20-2008 at 09:05 AM
Quote:
Originally posted by Russ
This is really sad. I thought Mexico was about the fifth largest oil producer and they have to import refined products. I read last Spring Mexico was
rehabbing 12 refineries and building another 4 or so new ones.
At least they have the gumption to build new ones............Crusoe - 9-20-2008 at 09:17 AM
It was reported yesterday that 28 Oil Driiling Platforms were destroyed in the wake of Hurricane Ike last week in the Gukf Of Mexico. ++C++David K - 9-20-2008 at 09:55 AM
Originally posted by Crusoe
It was reported yesterday that 28 Oil Driiling Platforms were destroyed in the wake of Hurricane Ike last week in the Gukf Of Mexico. ++C++
Don't any of you use Google to find the facts ?
Please get a little documentation BEFORE you post, Thanks.
Here is a link to a story about the damaged oil platforms ...
[Edited on 9-21-2008 by CaboRon]woody with a view - 9-20-2008 at 08:10 PM
destroyed=scrap
damaged=more likely
Ken Cooke - 9-21-2008 at 10:42 PM
Quote:
Originally posted by David K
Of interest, $3.55/ gal at Costco and Arco stations in Santee (San Diego County) today.
Of interest, $3.59/gal at CHEVRON here in Central Riverside. This will make trips to Baja less painful!! By December, prices are supposed to fall
much further in the U.S. due to falling crude oil prices...The Gull - 9-22-2008 at 10:34 AM
Today, $3.43 at ARCO at Vermont and Imperial - South LA.
Long lines, but hey, cheap.Bob and Susan - 9-22-2008 at 10:51 AM
$3.43 cheap???
just because it was above $4.00 for awhile
DO NOT lose your prospective
people get used to ANYTHING!!!
$.99 would be cheapThe Gull - 9-22-2008 at 11:01 AM
Quote:
Originally posted by Bob and Susan
$3.43 cheap???
just because it was above $4.00 for awhile
DO NOT lose your prospective
people get used to ANYTHING!!!
$.99 would be cheap
You are right, cheaper, not cheap.CaboRon - 9-23-2008 at 06:32 AM
Quote:
Originally posted by Nobullchit
when we was little gasoline sold for 25 cents a gallon....
When I was in high school there were actually gas price wars where the price went down to 15 cents a gallon.
Class of '63 Crawford Hi, San Diego
CaboRonBaja-Brit - 9-23-2008 at 01:26 PM
Quote:
Originally posted by Ken Cooke
By December, prices are supposed to fall much further in the U.S. due to falling crude oil prices...
Oil up $16 a barrel yesterday, the biggest one day jump ever!
Don't hold your breath regarding cheaper petrol prices in December.
As you were.Baja-Brit - 9-23-2008 at 01:32 PM
Petrol is $2.00 a litre over here at the moment.
($7.58 per US gallon)
This the cheapest it's been for months, it was $2.25 a litre.
($8.52 per US gallon)
T-minus 21 days.....
