Sunday, October 1, 2023

Treasury increases fuel IEPS for next week

The Ministry of Finance and Public Credit (SHCP) has decided to increase the incentives of the Special Production and Services Tax (IEPS) on Magna, premium gasoline and diesel for the week of September 16-22. This decision was announced in the Official Gazette of the Federation (DOF).

As for complementary incentives, they remain at zero for all fuels, a trend that has been consistent since the beginning of this year.

Gasoline Magna:
According to the DOF, Magna gasoline (less than 91 octane) will receive a fiscal support of 61.83%, an increase compared to 53.45% the previous week. This measure means that the Ministry of Finance will provide retailers with an incentive of 3.66 pesos per liter, setting a consumption rate of 2.25 pesos per liter.

Gasoline Premium:
For premium gasoline (greater than or equal to 91 octane and non-fossil fuels), the tax support was set at 41.46%, higher than the 31.44% provided in the previous week. In monetary terms, this means that traders will receive a tax incentive of 2.07 pesos per liter and consumers will have to pay a fee of 2.92 pesos per liter.

Diesel will benefit from a fiscal stimulus of 63.36% from September 16, a significant increase compared to 48.71% the previous week. Diesel pumps will receive an incentive of 4.12 pesos per liter, while the fee that motorists will have to pay is 2.38 pesos per liter.

It is important to note that according to SHCP, the IEPS gasoline incentive implemented since March 4, 2022 was part of the federal government’s efforts to stabilize fuel prices. The main goal was to combat inflation. However, it must also be mentioned that this support has gradually declined since the beginning of the current year.

Nation World News Desk
Nation World News Desk
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