La sobrestimación de los subsidios a las gasolinas y el diesel

It is reviewed the accuracy of the subsidy on gasoline and diesel prices reported by the Ministry of Finance and Public Credit (SHCP) of Mexico for the period 2007-2012 as well as the first months of 2013, on the basis of the Law of Special Tax on Production and Services (IEPS) agreed upon by the Congress in late 2011 to cover the period 2012-2014. In this respect, an overestimation of the subsidy for more than 100% seems to be detected. The calculation also shows that local prices equated by December 2012 their international benchmark, the U.S. Gulf Coast gasoline and diesel prices, and that the amount of fuels imported by Petroleos Mexicanos (Pemex) reached in some months unaccepted levels. This would have led federal government to charge a more than law-approved special tax, from January 2012 on, with serious resource allocation implications.