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Monday, June 6, 2011

NEWS - Gas hikes on the table

The Permanent Commission of Congress has requested Treasury Secretary Ernesto Cordero Arroyo to present a report explaining the reasons why it is unadvisable to halt price increases on fuel.

In response to a proposal by Democratic Revolution Party (PRD) senators Julio César Aguirre Méndez and Francisco Javier Castellón Fonseca, the Permanent Commission agreed to summon Cordero because the constant price increases are damaging Mexico’s economy.

So far this year, there have been five accumulated rises to the cost of fuel. The Treasury Secretariat has argued that by implementing new prices, they are trying to equal fuel prices in the United States. However, U.S. citizens earn salaries ten times larger than Mexicans.

“The price of Magna gasoline has increased by 4.56 percent in comparison to its price in December, when it cost 8.76 pesos per liter. The rise on Premium gasoline in the same period of time is 1.9 percent,” the senators wrote in the document submitted to the Permanent Commission.
The News