Gasoline incentives have cost almost 100,000 million pesos

The tax incentives for gasoline that the government of Andrés Manuel López Obrador has granted, to avoid abrupt increases in its price, have already taken their toll on the public treasury. According to data from the Tax Administration Service (SAT), as of May the cost of these would be almost 100,000 million pesos.

SAT figures revealed that, in the first five months of the year, the fiscal stimulus granted by the Special Tax on Production and Services (IEPS) totaled 88,241 million pesos, 4.8 times more than what was left to collect in the same period of 2021.

Meanwhile, due to the complementary fiscal stimulus, which was activated in March due to the persistence of high oil prices, the treasury has renounced a collection of 10,642 million pesos.

In total, due to these two incentives for gasoline, the government stopped capturing 98.883 million pesos. This figure is greater than all the spending approved, for this year, for the agricultural, forestry, fishing and hunting sectors, of 57,074 million pesos.

Likewise, the fiscal stimuli would be close to reaching the collection waiver of the gasoline IEPS stimulus registered last year. In total, in 2021, 104,076 million pesos were not collected.

Given the rebound in the international price of oil, due to the normalization of the economy and Russia’s invasion of Ukraine at the end of February, gasoline prices began to rebound, for which the government granted the fiscal stimulus at 100% by IEPS of fuels.

However, given the persistence of high prices, in March the government announced a new complementary fiscal stimulus, which is activated when the IEPS is 100%, which has occurred since the second month of the year.

Gasoline becomes more expensive 6.2%

So far this year, according to information from the National Institute of Statistics and Geography (Inegi), the price of gasoline has increased by 6.2 percent.

In the case of Magna gasoline, the most widely used in the country, the increase so far this year has been 6.82%, while Premium gasoline has increased by 5.70 percent.

In this way, even with the fiscal stimuli granted by the government, gasoline prices have exceeded inflation so far this year. Inegi data indicates that, until May, the accumulated price increase in 2022 is 3.17 percent.

“Maintaining the price of gasoline is not a whim, but a necessity, because letting these increases pass into the family budget implies putting family consumption in recessive territory, and consumption is 67% of GDP, then we would be in a level of anxiety if we had let it happen”, declared at the time the Secretary of the Treasury, Rogelio Ramírez de la O.

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