bajabound2005
Ultra Nomad
Posts: 2760
Registered: 10-15-2005
Location: Punta Banda, BCN
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Mood: words cannot describe...
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Mexico weekly gasoline hikes to begin on Friday (TODAY)
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).
Friends don't let friends drink white zinfandel.
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David K
Honored Nomad
Posts: 64855
Registered: 8-30-2002
Location: San Diego County
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Of interest, $3.55/ gal at Costco and Arco stations in Santee (San Diego County) today.
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Russ
Elite Nomad
Posts: 6742
Registered: 7-4-2004
Location: Punta Chivato
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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.
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Baja-Brit
Nomad
Posts: 138
Registered: 8-28-2008
Location: London, England & La Paz
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Mood: Happy in Baja!
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| 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 were
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
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Mood: Everchangin'
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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!!!
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David K
Honored Nomad
Posts: 64855
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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"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.  
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
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Mood: Inquisitive
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| 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............
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Crusoe
Senior Nomad
Posts: 731
Registered: 10-14-2006
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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++
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David K
Honored Nomad
Posts: 64855
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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Reported where? Whose oil rigs, Pemex?
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
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Mood: Peacefull
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| Quote: | 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 ...
http://www.team4news.com/news/news_story.aspx?id=194081
CaboRon
[Edited on 9-21-2008 by CaboRon]
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woody with a view
PITA Nomad
Posts: 15939
Registered: 11-8-2004
Location: Looking at the Coronado Islands
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Mood: Everchangin'
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destroyed=scrap
damaged=more likely
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Ken Cooke
Elite Nomad
Posts: 8947
Registered: 2-9-2004
Location: Riverside, CA
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Mood: Pole Line Road postponed due to injury
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| 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...
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The Gull
Super Nomad
Posts: 2223
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Location: Rancho Descanso, BCN
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Today, $3.43 at ARCO at Vermont and Imperial - South LA.
Long lines, but hey, cheap.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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$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
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
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Mood: High
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| 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.
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
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Mood: Peacefull
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| 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
CaboRon
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Baja-Brit
Nomad
Posts: 138
Registered: 8-28-2008
Location: London, England & La Paz
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Mood: Happy in Baja!
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| 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.
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Baja-Brit
Nomad
Posts: 138
Registered: 8-28-2008
Location: London, England & La Paz
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Mood: Happy in Baja!
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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)
As you were.
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