Gasoline imports to Mexico fall 44% in the first two months

Gasoline imports to Mexico showed a decrease of 44.4% year-on-year in the first two months of 2021.

With this result, they reached 1,612 million dollars, according to data from Banxico.

Following the government’s phasing out of gasoline and diesel price controls in 2017, domestic fuel prices are now fully liberalized and largely determined by the market.

However, the Energy Regulatory Commission (CRE) reserves the right to intervene.

The sale prices of fuels are reported by each service station to the CRE in accordance with the Income Law of the Federation for Fiscal Year 2020.

Graphically, gasoline imports to Mexico grew 28.7% in 2017 and 30.6% in 2018, reaching the peak.

But then you see a decline, with year-on-year declines of 10% in 2019 and 40% in 2020.

Thus, gasoline imports to Mexico went from 18,987 million dollars in 2018 to 10,263 million dollars in 2020.

On December 31, 2019, a presidential decree was published that extended until 2020 and 2021 the validity of both the general stimulus and the stimulus on the northern border for taxpayers who import and dispatch gasoline, diesel and non-fossil fuels.

Gasoline imports

The decree also extended until 2020 and 2021 the validity of both the general stimulus and the stimulus for permit holders allowed by the Energy Regulatory Commission to sell oil to the public at service stations located in the border strip along the border between United States and Mexico.

The stimulus to the northern border has allowed a partial harmonization of oil prices in that area with those of neighboring cities in the United States.

Of the total Mexican imports of petroleum oils or bituminous mineral oils (except crude oils), for $ 17.063 million in 2020, about 70% came from the United States.