Fuel price increase postponed 2 weeks

Government holds the line on prices, cancels tomorrows hike .

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pemex pumps

The federal Finance Secretariat has chosen to leave fuel prices where they are, canceling increases that were scheduled for both tomorrow and the following Saturday.

The second planned price hike since January 1 was widely condemned during the past week and threatened to trigger another round of massive protests. Demonstrations against the January 1 increase in gasoline and diesel prices continue still.

Finance officials said they were able to apply subsidies to keep prices unchanged due to the peso’s value against the dollar, higher petroleum prices on the international market and austerity measures implemented by the federal government.

But they probably won’t do so for long.

Pemex CEO José Antonio González Anaya warned that “this cannot be maintained forever.” The exchange rate and international prices made it possible to “soften the transition process” and avoid a price increase for two weeks but can only be done for a limited time.

The liberalization of fuel prices, freeing them from government control, will be rolled out region by region over nine months beginning March 1.

Source : Mexico Daily News

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