Mexico Congress Urges Calderon to Stop Gasoline Price Hikes
May 18 (Bloomberg) - Mexican lawmakers urged today President Felipe Calderon to stop monthly increases in gasoline and diesel prices during the rest of the year, saying they will cause a crisis in the agricultural and industrial sectors.
Congress’s permanent committee, which meets when the full body is out of session, approved the non-binding declaration in a vote in Mexico City.
Mexico’s Finance Ministry increased local unleaded gasoline prices 2.7 percent in the first quarter after boosting them 12.7 percent in 2010, while crude oil surged 34 percent in New York trading over that time. The Finance Ministry sets prices on gasoline sold by state-controlled Petroleos Mexicanos, which supplies all filling stations in the country.
The government may spend more than 100 billion pesos ($8.52 billion) on fuel subsidies this year, Finance Minister Ernesto Cordero said April 24.
To contact the reporter on this story: Adriana Lopez Caraveo in Mexico City at email@example.com