The federal government, through the Ministry of Finance and Public Credit (SHCP), decided for the second consecutive week to increase the fiscal stimulus to the Special Tax on Production and Services (IEPS) on Premium gasoline.
In the Official Gazette of the Federation (DOF), the SHCP explained that from Saturday, August 27, to Friday, September 2, the fiscal stimulus to the IEPS of the Premium, or also known as greater than or equal to 91 octane, increased to 81.42% from 76.06% registered the previous week.
This means that hydrocarbon consumers will pay IEPS of 0.8616 pesos per liter purchased, instead of 1.1104 pesos per liter that they paid until Friday, August 26.
The SHCP, in charge of Rogelio Ramírez de la O, announced that the government stimulus for Premium gasoline will be 3.7759 pesos per liter for the referred week. The entire tax incentive for Premium is 4.6375 pesos per liter for this year.
Meanwhile, the fiscal stimulus for Magna gasoline, or less than 91 octane, rose to 95.40% from 93.47% applied in the previous week. This meant the first hike in the stimulus rate after two weeks of reductions.
Consumers of Magna gasoline will pay IEPS 0.2528 pesos per liter purchased, while the tax incentive for Magna gasoline IEPS will be 5.1330 pesos per liter purchased. The total government subsidy for said hydrocarbon is 5.4917 pesos per liter for this year.
At the same time, the fiscal stimulus to the IEPS for diesel is still at a rate of 100%, which means that the government subsidizes the payment of the tax with a fee of 6.0354 pesos per liter. The diesel subsidy has been going on for just over five months at the 100 percent rate.
The fiscal stimulus for gasoline is a government mechanism to prevent fuel prices from rising too high as a result of the rise in international reference prices. That is, the higher the international price, the greater the stimulus and vice versa.
The West Texas Intermediate closed last week at $92.94, this is 2.39% more compared to the previous week. Upward pressures come from the possibility that the Organization of Petroleum Exporting Countries and its allies could cut oil production, according to Gabriela Siller, director of financial analysis at Banco Base.
santiago.renteria@eleconomista.mx
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