Overview
- The Secretaría de Hacienda y Crédito Público reactivated its 'special' diesel subsidy for Sept. 12–18, 2026, absorbing 100% of the diesel IEPS and adding a MXN 0.15 per liter complement delivered as tax credits to importers and refiners.
- For the same week the government raised gasoline IEPS supports so Magna buyers pay about 3.25% of the tax (support to 51.43%) and Premium support rose to 45.69%, backing voluntary retail caps aimed at keeping Magna near MXN 24/liter and diesel near MXN 27/liter.
- State oil company Pemex has carried much of the earlier price‑containment burden, incurring reported losses of MXN 10,541 million from March through August 2026 while the firm faces roughly MXN 4 trillion in total liabilities.
- The policy responds to a global spike in diesel driven by disruptions to shipping routes and refining capacity that pushed U.S. diesel above US$6 per gallon and left retail diesel at very high levels in places like Peru (about US$7.4/gal) and Spain (near €2/liter).
- The short, administrative fix eases pump prices for consumers but shifts costs onto Pemex and public finances, so authorities will likely monitor refinery margins, supply flows and fiscal gaps for possible further measures.