Stimulus cut continues for Magna

Until Friday, September 9, the fiscal stimulus on the Special Tax on Production and Services (IEPS) on Magna gasoline fell to 83.96% from 95.40% applied the previous week, which returns to the 80% range for the first time since the week of January 29 to February 4 of this year.

In other words, consumers of Magna gasoline will pay 0.8809 pesos of IEPS per liter purchased, an amount greater than the 0.2528 pesos paid until Friday, September 2, according to what was reported by the Ministry of Finance and Public Credit (SHCP) in the Official Journal of the Federation.

This implies that the federal government will apply a stimulus of 4.6108 pesos per liter of Magna gasoline, instead of 5.2389 pesos. The IEPS stimulus for said hydrocarbon is 5.4917 pesos per liter for this year.

During July, the average price of Magna gasoline was 21.83 pesos per liter, this is higher than the 20.28 pesos in the same month of 2021, according to data from the Energy Regulatory Commission (CRE).

Compared to June, the national average price of Magna fell 0.03 pesos.

In the absence of data for August, information from the CRE details that in the sixth month of the year the cost of Magna gasoline had its maximum so far this year at 21.86 pesos per liter.

Premium with 68.49% stimulus

The fiscal stimulus on the IEPS for Premium gasoline will be 68.49% until Friday, September 9. This is its lowest level for seven months, according to the SHCP.

The dependency in charge of Rogelio Ramírez de la O, reported in the DOF, that the share of the fiscal stimulus to the Premium fell to 3.1761 pesos per liter from 3.7759 pesos per liter sold.

In other words, consumers of Premium gasoline, also known as greater than or equal to 91 octane, will pay 1.4614 pesos of IEPS per liter purchased, instead of the 0.8616 pesos per liter charged the previous week.

The fiscal stimulus on the IEPS for diesel is maintained at 100%, so the government subsidizes the payment of the tax with a fee of 6.0354 pesos per liter and adds half a year with the entire stimulus.

Fiscal support is a mechanism that the government applies when international oil prices rise so that consumers do not feel the impact.

santiago.renteria@eleconomista.mx