Saturday, July 20, 2024

Crash in oil prices now reflected at the gas pumps

The effects of the global Covid-19 pandemic and the Russia-Saudi Arabia price war are finally being seen at Mexican gas pumps, as prices drop to their lowest in years.

Per-liter prices have fallen 1.01 pesos on average across the country in the last week. Drivers in Mexico City have seen them fall an average of 79 cents in that time, with some stations posting prices under 17 pesos per liter.

The average liter of gasoline in Mexico City cost 20.38 pesos (US $0.85) on March 11. On Tuesday, it was 19.59 pesos.

One gas station on the Mexicaltzingo-Santiago Tianguistenco highway in México state was selling a liter of gas for as low as 15.71 pesos on Wednesday.

Stations in Tamaulipas posted prices as low as 11.99 pesos  and one in Chihuahua was down to 10.50 per liter.

“Yes, [prices] have fallen, but not at the same rate in all gas stations, because several factors come into play,” said the president of the Organization of Petroleum Sellers (Onexpo), Roberto Díaz de León.

He said that it may take some stations longer to buy the cheaper gas, so they still have to charge higher prices for fuel bought a week ago when the market was much different.

The price of Mexican crude oil for export fell to US $18.78 per barrel on Tuesday, its lowest in 18 years.

Source: El Financiero (sp)

Have something to say? Paid Subscribers get all access to make & read comments.
Passengers wait in the crowded Cancún airport during the global Microsoft IT meltdown in Mexico.

Airport chaos and border bedlam: How the Microsoft IT meltdown is affecting Mexico

The IT outage that swamped Microsoft Windows computers around the world hit just as hard in Mexico, frustrating travelers of all stripes.
A man in a rain jacket points down at a channelized river below a bridge, full after recent rains.

Drought relents and reservoirs start to recover across rainy Mexico

As of July 15, the area of the country suffering from drought was down to almost 50%.
AMLOAMLO and Donald Trump walk down a red carpet in an elegant hallway. and Donald Trump walk down a red carpet in a long corridor.

In response to Trump speech, AMLO plans to send his ‘friend Donald’ a letter

"I think they're not informing him well about the migration issue and also about the importance of maintaining economic integration between the United States, Mexico and Canada," AMLO said Friday morning.