MEXICO CITY.- With the intention of containing the rise in fuel prices, the federal government established important fiscal stimuli and diesel is the one that achieved the highest subsidy.
Since March 2022, the Ministry of Finance implemented the complementary incentives for fuels.
The average fiscal stimulus for diesel was located at 97 percent of the total quota that would be paid for its consumption, against 86.3 in the case of the regular gasoline and 77.8 percent in Premium, According to an analysis by Monitor Energético carried out with figures from Tax authorities.
Consequently, the Government has sacrificed an average of 5.88 pesos per liter of diesel sold by subsidy to the Special Tax on Production and Services (IEPS).
It has even stopped receiving up to 2.93 pesos per liter, on average, between March of last year and the first weeks of 2023 for complementary stimuli, which are the resources that gas stations deduct against the Tax On Income (ISR) or Tax On Value Added (VAT) in their fuel import payments.
Despite these subsidies, the price of diesel in the country was 23.73 pesos per liter in November 2022 -latest data available-, which represented an unprecedented level and accumulated 12 months of consecutive increases. In December the price remained between 23 and 24 pesos per liter.
However, in Campeche, Durango, Guerrero and Quintana Roo exceeded 24.50 pesos per liter.
“The closure of a series of diesel-producing refineries worldwide due to the Covid-19 pandemic, as well as maintenance problems and the reactivation of global mobility have been the factors behind the rise in fuel prices on the planet”, explains José Ángel Vela, director of Energy Monitor.
In the United States, the fuel used mainly for the transport of cargo and passengers, became more expensive 41 percent annually in the penultimate month of 2022.
Alejandro Montufar, CEO of the PetroIntelligence Platformexplained that the diesel subsidy has a special behavior, since it is used to move goods, in various priority mobility activities and for services, so that the control of its price allows maintaining the price of other products.
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“The demand and supply of diesel is different from gasoline, since it is for a more commercial use and the customers are also different. In some places it is even used to generate electricity, it is not only used to move, it is also used in production processes and logistics activities that are not like what the common citizen does”he explained.