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Dec 28, 2014, 1:22 PM

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"Mega Gasolinazo" - EPN slaps one-time 3% gasoline price hike

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Besides the year 2015, this January 1 will see PEMEX retail gasoline prices jump 3%. See:
As folks here will recall, there were so-called adjustments the first Saturday of each month of 2014. The rationale provided by the Mexican Hacienda was to end the federal Government's subsidy of gasonline by gradually raising the price to meet the international (basically, U.S.) price. That explanation has long gone by the wind as international petroleum prices have tumbled sharply.

With the unrealistically low minimum wage in Mexico (below subsistence level) only being raised about 4% for 2015, an informal source quoted in the Por Esto! article (above) expects consumer prices to generally rise 10% in the first two months of 2015. While most workers in the formal sector (with employees who register the worker in the Mexican social security scheme) earn 2-4 times the minimum, and some far more, many workers, as in agriculture and domestic service, are not even covered by the minimum wage.

Anyhow, see you at a PEMEX pump prior to January 1!

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