gasoline

Finance Minister defended the fuel price hike, arguing that keeping gasoline costs artificially low following an increase in international oil prices was too expensive for public finances

In a statement, the finance ministry said the widely used Magna gasoline brand will rise 14.2 percent and will sell at an average price of 15.99 pesos (US$78 cents) per liter at retail, while Premium fuel will go up 20.1 percent to an average of 17.79 pesos per liter

In a statement, the finance ministry said the widely used Magna gasoline brand will rise 14.2 percent and will sell at an average price of 15.99 pesos (US$78 cents) per liter at retail, while Premium fuel will go up 20.1 percent to an average of 17.79 pesos per liter

In May, the government said that air quality levels in Mexico City and its surrounding areas were the worst in 14 years.

Starting in July Magna gasoline will cost 13.40 pesos per liter (72 cents of a dollar), i.e. 24 cents more than in June.

The new rules, which should go into effect soon, will limit the sulfur content allowed in fuel.

Gas stations and companies that transport fuel will be fined up to US$1.2 million for selling or carrying low quality gasoline.

Mexico's Energy Minister and the CEO of Petróleos Mexicanos said that the environmental problem is not caused by the quality of gasoline.

In the 2015-2029 plan released on December 30, the Energy Ministry foresees investments for 412.8 billion pesos (US$23.7 billion) in the next 15 years.

The unplanned outages coincide with an uptick in demand from Mexico following a fire at that country's largest refinery in November.