LatinNews Daily - 20 June 2022

In brief: Mexican gov’t to maintain fuel subsidies

*Mexico’s President Andrés Manuel López Obrador has announced that his government would continue to subsidise the price of petrol and diesel for the remainder of the year. The government has shielded consumers from rising fuel prices by setting the special tax on production and services (IEPS), which is levied over petrol and diesel and other goods and services such as alcoholic beverages, tobacco, gambling, and telecommunications, at a rate of zero since the start of the conflict in Ukraine. López Obrador explained that his government could continue to subsidise fuel due to the surplus accrued from crude oil exports, with oil prices remaining high. The price of the Mexican oil mix was US$110.92 per barrel on 17 June, according to the Mexican government. 

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