President Claudia Sheinbaum Pardo announced on Wednesday the renewal of the agreement with the fuel business to keep the price of a liter of magna gasoline at a maximum of 24 pesos, signed last February amid a rise in fuel prices due to the war in Iran. The agreement, called 'National Policy to Promote the Stabilization of the Price of Gasoline for the Benefit of the People of Mexico', was signed in February 2025 and has been regularly renewed over the last 12 months. 'While gasoline prices are rising in the world, in Mexico we protect the family economy through the renewal of the voluntary agreement with 96% of gas stations so that regular gasoline remains at less than 24 pesos per liter,' the head of state stated in a post on her X account. This Monday, Sheinbaum assured during her morning press conference that the price of gasoline would not rise in Mexico, despite growing fears that the war in Iran could trigger an energy crisis. With the worsening of the conflict, international concern in the oil market has increased due to export problems from the Persian Gulf, as Iran imposed a de facto closure of the Strait of Hormuz, through which typically circulates one-fifth of the world's hydrocarbons. The agreement signed in February 2025 was and remains voluntary and does not impose legal obligations on the signatories. To facilitate compliance with this price cap, Pemex implemented a national wholesale price at its storage and distribution terminals (TAR) for regular gasoline, which allowed gas stations to offer the fuel to consumers at a cost of less than 24 pesos per liter. The plan seeks to have a reasonable differential of up to two pesos between the wholesale price and the public price, not including Value Added Tax (IVA).
