How are gasoline prices in Mexico this February 1

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The Energy Regulatory Commission is the body that publishes gasoline prices in Mexico every day.

“If gasoline goes up, everything goes up”, is the popular phrase that reflects the importance of fuel prices in everyday life, regardless of whether we have a car or not.

Although clearly the most interested in gasoline costs are motorists, those who are behind the wheel and deal with traffic on the roads of Mexico, either to get to work or because that is their job, to drive.

For all of the above, it is important to stay informed about the prices of gasoline and diesel so that their variations do not take you by surprise.

For this reason, government agencies such as the Energy Regulatory Commission (CRE) and the Federal Consumer Attorney’s Office (Profeco) constantly publish updated fuel prices throughout the Mexican territory.

The price of gasoline per liter

These are the average prices of gasoline and diesel at outlets in Mexico on February 1. Remember that the cost of fuel varies daily so it is important that you know its value.

Magna gasoline is at an average of 21,839 pesos per liter .

Meanwhile, premium gasoline stands at an average of 24,116 pesos per liter.

Finally, diesel is sold at an average of 23.78 pesos per liter.

Magna, premium and diesel, what is the price of gasoline.  (Infobae file)Magna, premium and diesel, what is the price of gasoline. (Infobae file)

When regulated by the market, the price of fuels not only varies by entity and municipality, it even does so by season.

To consult the lowest cost of gasoline and diesel per gas station in real time, there is the following official website of the CRE -the highest regulatory body in energy matters in Mexico-, where you can access this and more information about it , entering only the entity and the municipality where you want to fill the tank.

Profeco also has a website in order to provide updated information on service stations that sell gasoline and diesel with the highest and lowest prices throughout the country.

The Profeco page is called ” Who is who in the gasoline “, which is built from the reports of the same CRE on the sale to the public of gasoline and diesel.

Several factors alter the price of fuels.  (Infobae file)

Several factors alter the price of fuels. (Infobae file)

The price of fuels can vary in Mexico due to a variety of factors such as reference costs, taxes and logistics .

The reference cost is based on international oil prices , since it is quoted in dollars globally, therefore, the average value of gasoline is modified with respect to the exchange rate between the dollar and the peso.

During the first months of the covid-19 pandemic, the influence of international oil prices on fuels was evident when the hydrocarbon fell to historical figures , which triggered gasoline to register very low costs , until “black gold” stabilized and with it the value of its derivatives.

The same thing happened, but in an opposite case, during the first half of 2022, when international oil prices skyrocketed and with it the cost of fuel around the world.

However, there were countries that were less affected due to different measures, such as Mexico, where a subsidy applied by the State kept fuel prices relatively stable.

Said subsidy is a stimulus to the Federal Special Tax on Production and Services (IEPS) , which directly influences the price of gasoline and which is determined by the Ministry of Finance and Public Credit (SHCP).

Costs can also change for logistical reasons, that is, transport and storage, if fuel prices rise when transporting refined oil and gasoline in pipes or by ship, costs will increase.

Other factors that influence fuel prices are given by geographic location.

Mexico Daily Post