LatinNews Daily - 15 August 2022

In brief: New reduction to fuel subsidies in Mexico

* Mexico’s government has announced further reductions in state subsidies for both high octane (premium) and low octane (standard) gasoline for the period 13-19 August. For standard petrol, the subsidy stands at 94.12% (down from 100%) and for premium petrol, the subsidy stands at 72.34% down from 92.23% of the subsidy announced earlier this month. The 100% subsidy for diesel remains in place. This marks a shift in policy from President Andrés Manuel López Obrador, who on 17 June promised to guarantee the subsidy for the whole year. The change comes as part of a wider package aimed at curbing Mexico’s increasing inflation which reached an annual rate of 8.15% in July, well beyond the central bank’s target range of 3% +/-1.

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