LatinNews Daily - 05 April 2022

*Mexico’s finance ministry (SHCP) has published an announcement in the official gazette (DOF) saying that fuel subsidies will be available in Mexico’s border region with the US. This represents a U-turn from a decision the SHCP made on 3 April to suspend fuel subsidies in the border region until 8 April due to a shortage in supply. The SHCP had said this shortage was due to US citizens crossing the border to buy fuel at lower prices in Mexico, as well as an imbalance between supply and demand due to high fuel costs worldwide as a result of Russia’s invasion of Ukraine. In his morning press conference on 4 April, President Andrés Manuel López Obrador said that supply issues had been rectified in the border region and subsidies reallocated to prevent a rise in fuel costs. López Obrador has promised that fuel prices will remain stable across Mexico despite the conflict, as extra government revenue from oil exports will subsidise the price of gasoline and diesel for Mexican consumers.

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