Pemex is reviewing its prices at terminals and is working to see if this week it can still reach a voluntary agreement with gas station owners to reduce prices further. For the Mexican government, the measures taken could have a negative impact on finances: it implies less revenue for the Treasury through the Special Tax on Production and Services (IEPS) in a year when it seeks to continue fiscal consolidation. Meanwhile, for Pemex, it represents an additional expense, which reduces the chances of it ceasing to depend on Treasury support. This week, WTI started at $100.64 per barrel and Brent at $114. In Mexico, the government is trying to control the price of regular gasoline to not exceed 24 pesos per liter and diesel at 28 pesos through the fiscal stimulus that the Ministry of Finance and Public Credit (SHCP) applies to the IEPS on gasoline and agreements with gas station owners. However, the strongest impact of the price increase is seen in diesel, an essential fuel for cargo transport, which, according to transport associations, has already increased its operating costs by 15%. For this reason, the Sheinbaum government agreed to a cap on diesel at 28.28 pesos—after it rebounded to 30 pesos per liter—but the president said this morning that she seeks to make it even lower. In addition to the fiscal stimulus to the IEPS and agreements with gas station owners, Pemex is analyzing joining with discounts to gas station owners. Amid international crude oil prices above $100 per barrel and with no clear direction of the conflict in the Middle East, this Monday morning Claudia Sheinbaum informed that Pemex is analyzing discounts at its service terminals in the case of diesel. Since the start of Israel and the United States' attacks on Iran at the end of February, reference crude oil prices have risen by more than 50%. The increase in international crude oil prices has become a challenge for the Mexican government.
