Friday, June 21, 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)

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