In some parts of the world, the price of gasoline is starting to rise; for example in United Statesthe price reached a record driven by the rise in crude oil and the consequences of the sanctions imposed on Russia.
- The average price of a gallon (3.78 liters) was $4.17, up from the previous record of 4.11, which dates back to 2008, according to drivers’ association AAA. In one month, the average price of gasoline increased 20%.
In California, where a local tax is added to the federal tax, the average price reached $5.44 on Tuesday. Many Republican lawmakers have been accusing President Joe Biden for months of preventing the United States from producing enough oil to be fully self-sufficient.
On United Kingdom, gasoline prices have also increased due to the turmoil in the markets after the invasion ordered by Russiaa major producer of essential hydrocarbons in Europe.
- For its part, France also registers an increase in energy prices, since the Russian invasion in Ukraine implied a rise in oil and gas prices in the world. The former is currently trading above $120, close to its record high, and the latter is at unprecedented levels.
Europe, highly dependent on Russian gas, is looking for ways to reduce its dependence in the coming months, in a context of rising prices and a US embargo on the lucrative and key Russian hydrocarbons sector.
What do the authorities say about the sanctions on Russia?
The first british minister Boris Johnson he stated that withdrawing from Russian oil and gas is the “right thing to do”, but that this had to be done “step by step”.
- and the first Dutch Minister Mark Rutte He expressed himself along the same lines, admitting that “the sad reality is that we are very dependent on Russian gas and oil” and that such a profound transformation “would take time.”
Bruno Le Maire, French Minister of the Economymaintained that Europe “has solutions to become independent of Russian gas”, adding that it wants to “accelerate” those solutions in order to “meet the challenge in the winter of 2022-2023”.
Since Russia began its invasion of Ukraine on February 24, energy prices have skyrocketed in the markets. The price of European natural gas has reached record levels and that of crude oil has come close to its all-time highs.
What happens in Mexico?
- In Mexico, The Government has reiterated that there will be no increase in the price of gasoline; Some experts assure that it is still early to know if the price of energy in the world will affect the Mexican Republic.
- Days ago, Through a decree, the Ministry of Finance and Public Credit (SHCP) established fiscal stimuli additional to the fuels to avoid abrupt increases in prices due to the escalation of crude oil costs in the world.
- Thus, it will additionally be added to the Special Tax on Production and Services (IEPS)an incentive to those who sell gasoline and diesel through the VAT or ISR in all liters of fuel sold in a month and must be reported in the current fiscal year.
If you want to know how much is paid per liter of gasoline in your city, click here.