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For the first time since the beginning of the year, the Ministry of Finance and Public Credit (SHCP) will abolish fiscal stimulus measures aimed at Premium Essence during the week of 27 October to 2 November, according to information from the secretariat.
Removing the "red" gas tax stimulus means that the Treasury's fiscal stimulus will be 0% for the next seven days, which means that consumers will pay the entire quota of the special tax on production and services. (IEPS), which is: 3.88 pesos per liter in effect in 2018.
It's the Ministry of Finance it will not absorb the federal tax it charges per liter of gasoline and it is the motorists who pay the entire tax.
When the stimulus is removed, the door opens so that gasoline increases by a few cents next week.
El Financiero announced on Monday (October 22nd) that the previous week (October 20th to 26th), fiscal stimulus measures reached their lowest level so far in 2018, to the extent that they provided an incentive of 8, 48% at the top gasoline.
According to consulting firm Petrointelligence, the average price of gasoline higher in Mexico City was 21.37 pesos per liter average during the week ending.
The petrol station with the lowest price of 20.85 pesos per liter for the Premium is located in Azcapotzalco (Calle Pino 623, corner Antonio Valeriano), while petrol stations with the highest price for the "red" of 21.99 pesos per liter are found at Benito Juárez (Avenida Popocatépetl 415 and Félix Cuevas 435).
Without fiscal stimulus, it is likely that the liter of gasoline that touched this week 22 pesos per liter in some service stations, for the following week arrives and exceeds the 22 pesos per liter fuel.
In the case of Magna gasoline, the Treasury will apply the fiscal stimulus package the following week and will be placed at 23.29%, says the unit report updated every Friday and published in the Journal Official Federation.
In the same way as on Magna's current fiscal quota, which is 4.59 pesos per liter of gasoline, the Treasury will absorb 1,069 pesos and the user will pay a reduced IEPS quota of 3,521 pesos per liter.
However, the percentage of fiscal stimulus that will apply to the Magna is the lowest observed to date in 2018.
SHCP data show that IEPS revenues amounted to 113,985.8 million pesos between January and August 2018, a decrease of 28.6% in real terms compared to the first 8 months from last year.
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