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The appreciation of the peso against the dollar, a decisive factor
CITY OF MEXICO.- The Ministry of Finance and Public Credit (SHCP) reduced the tax incentives that apply to the special tax on production and services (IEPS) to gasoline and diesel.
According to the publication in the Official Gazette of the Federation (DOF), the stimulus on petrol of less than 92 octane, from July 14 to 20 of the same month, 50.48%, while the previous level was 56.82%
In the case of gasoline equal to 92 octanes or more, the stimulus will be 29.10%, on a level of 36.68% that remained in the course While in the case of diesel, support was 46.81%, compared to the previous level of 53.79%.
This reduction in tax assistance is in line with a greater appreciation of the peso against the dollar; because the exchange rate remained below 19 pesos per dollar during the week ending.
The exchange rate, together with the international price of oil, are the two most important factors in the price of oil. gasolinas
An appreciation of the peso against the dollar reduces the support paid for fuels.
For the next week, the market is expecting the local currency to continue to appreciate and stay below 19 units per dollar, which is explained by an increase of demand for business dollars. Excelior
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