Mexico News Update. Fuel Prices in Mexico for 2024. January 4, 2024.

From Milenio News Media Outlet article published on January 1st, 2024.

The gasoline tax increases in 2024:How much will you pay in IEPS?

With the arrival of the New Year, along with good wishes and renewed goals, come updates to taxes and fees that impact the prices of various products, one of them being gasoline, which could see an increase in cost starting from January 1.

In 2024, the Special Tax on Production and Services (IEPS) began to increase, which is paid for each liter of gasoline, potentially leading gas stations to raise their prices. Gasoline and diesel are experiencing an IEPS increase of 4.32 percent, which is in line with the current inflation. This translates to an additional 25 cents for Magna gasoline, 29.59 cents for Premium, and 28.09 cents for diesel. Additionally, this tax will have to be paid in full, at least during the start of the year, as the government will not provide fiscal incentives for fuels during this week.

• ●  Gasoline with an octane rating below 91 (Regular): Drivers will need to pay 6.17 pesos per liter.

• ●  Gasoline with an octane rating of 91 or higher (Premium): It will have an additional tax of 5.21 pesos per liter.

• Diesel: The tax will be 6.78 pesos per liter.

• International references for gasoline prices.

• Exchange rate.

• Logistics costs.

• Taxes.

• Profit margin for service stations.Therefore, any increase in these factors could result in a rise in the final price.

From PetroIntelligence.com

With information from PetroIntelligence.com, herein is a chart showing the value equivalency of the average fuel costs in Mexico. The chart reflects the current fuel prices in Mexican Pesos per Liter, and its equivalency in US Dollars per Liter and per gallon. The reference date is January 2, 2024.

Note: The cost per liter in USD is calculated by dividing the cost per liter in pesos by the exchange rate ($17.00 pesos per dollar). The cost per gallon in USD is calculated by converting the cost per liter in USD to cost per gallon (1 gallon = 3.78541 liters).