MEXICO CITY: Mexico announced double-digit price increases Tuesday for gasoline and diesel, its latest move to deregulate the energy sector and open the key oil industry to private investment and foreign competition.
From the first of the year, the maximum price of gasoline will rise by 20.1 percent and diesel by 16.5 percent, the finance ministry said.
And that is just the beginning of the end for the country’s longtime fuel subsidies.
From February 18, the price ceiling set by the government will be adjusted every 24 hours, the ministry said in new regulations published in the official government gazette.
Then, from late March, “supply and demand will determine the price,” said the head of the National Organization of Petroleum Retailers, Jose Carlos Femat Romero.
