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Gasoline prices are taking a hit for the second consecutive week. Just as they did 7 days ago, Premium gasoline is the biggest loser and has even been knocked down. Now we tell you how much it will cost to fill your tank from August 8 to 14. Set some money aside.
The Secretariat of Finance and Public Credit (SHCP) announced through the Official Gazette of the Federation (DOF) the percentages of the fiscal incentive for fuels; there was a clear decrease for Magna and Premium gasoline; Diesel was the fuel that lost the least. Let’s take a look.
- Magna or Regular Gasoline (gasoline below 91 octane): 20.94%
- Premium Gasoline (gasoline with 91 octane or higher): 5.77%
- Diesel: 64.96%
This is how the government’s assistance translates into pesos per liter:
- Magna Gasoline: 1.4027 pesos
- Premium Gasoline: 0.3264 pesos
- Diesel: 4.7833 pesos
How Much Does It Cost to Fill Your Tank from August 8 to 14?
For comparison, a week ago, Magna gasoline received a 36.50% incentive, which represented a “boost” of 2.4458 pesos per liter; in the case of Premium gasoline, the figure was 26.49%, with only 1.4988 pesos per liter. Diesel had a 75.90% incentive, equivalent to 5.5887 pesos per liter.
But let’s see how much money you will have to spend during the week. According to the data, a gasoline tank for a compact car is usually filled with 45 to 55 liters of fuel.
According to the most up-to-date data from the Federal Consumer Protection Agency (PROFECO), the average price of a liter of Premium gasoline was 28.50 pesos; so filling your tank with 45 liters costs 1,282 pesos; of that amount, only 14.688 pesos correspond to the IEPS provided by the government.
In the case of Magna gasoline, the average price was 23.68 pesos per liter. If we follow the same formula, then filling your 45-liter tank costs 1,065 pesos; regarding government assistance, only 63.1215 pesos of that amount correspond to the fiscal incentive.
How Does the IEPS Work on Fuels?
The IEPS (Special Tax on Production and Services) is a fixed tax per liter established by authorities for fuels (Magna, Premium, and Diesel). In theory, every time you put a liter of gasoline into your vehicle, it already includes this tax amount, so it is not exactly a “discount.”
To prevent gasoline prices from skyrocketing when oil prices rise internationally, the Treasury applies a fiscal incentive. This incentive is essentially a “subsidy” that the government decides to absorb from the tax so that gasoline prices do not suddenly increase.
When you go to the gas station, the pump does not show you a “discount,” nor will you see an “offer due to the government incentive.” So now you know how much it will cost to fill your tank from August 8 to 14.
Source: radioformiula
