Mexico Lifts Premium Gasoline Tax Relief to 71%
Mexico's Finance Ministry lifted gasoline tax relief on premium fuel to 71% of the excise and kept diesel's excise at zero for 10 to 16 October. The post Mexico Lifts Premium Gasoline Tax Relief to 71% appeared first on The Rio Times .
Mexico has increased its gasoline tax relief on premium fuel to 71.29% for the period of 10 to 16 October. This comes as part of a weekly decision by the government, which affects the revenue the country collects from fuel sales. The move is particularly significant for the United States, as Mexico imports nearly half of the finished gasoline that the US exports.
The tax relief directly lowers the excise tax that drivers pay at the pump, making gasoline less expensive for consumers. The Finance Ministry, under the leadership of Deputy Finance Minister Carlos Gabriel Lerma Cotera, sets the gasoline tax relief every week according to a decree from December 2016. The latest increase saw the premium discount rise by 0.46 pesos (about US$0.025) from the previous week, marking a 12.8% boost in relief for premium fuel.
Regular gasoline now receives 4.31 pesos (about US$0.24) a litre, or 64.31% of the tax, while premium fuel enjoys 4.03 pesos (about US$0.22) per litre, or 71.29% of the tax. Diesel, on the other hand, continues to enjoy a full 100% discount at 7.36 pesos (about US$0.40) per litre, keeping the excise rate at zero.
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