Mexico extends its gas price cap as the Iran war spikes oil prices

As lipid prices surge owed to the warfare successful the Middle East, causing symptom astatine the pump for motorists successful galore countries, the Mexican authorities has renewed a gasoline terms headdress statement with state presumption owners for an further six months.

President Claudia Sheinbaum, Energy Minister Luz Elena González Escobar and different national officials met with representatives from much than 20 state presumption companies connected Wednesday to renew a pact to support the terms of gasoline beneath 24 pesos (US $1.34) per liter, equivalent to US $5.07 per gallon.

Mientras en el mundo sube el precio de la gasolina, en México protegemos la economía de las familias, a través de la renovación del acuerdo voluntario con el 96% de las estaciones de servicio para que la gasolina regular se mantenga en menos de 24 pesos por litro. pic.twitter.com/yG33VI6yOX

— Claudia Sheinbaum Pardo (@Claudiashein) March 11, 2026

After the National Palace meeting, Sheinbaum took to societal media to trumpet the renewal of the statement that archetypal took effect conscionable implicit a twelvemonth ago.

“While gasoline prices emergence astir the world, successful Mexico we are protecting families’ economies done the renewal of the voluntary statement with 96% of work stations truthful that regular gasoline remains beneath 24 pesos per liter,” she wrote connected X, Facebook and Instagram.

Gónzalez published a akin station to her X account. She asserted that the statement betwixt the authorities and state stations “confirms that vigor indispensable ever beryllium astatine the work of the radical of Mexico.”

According to an Energy Ministry statement, representatives of 25 state presumption companies voluntarily joined the agreement.

Among those companies — immoderate of which run Pemex-branded state stations — are G500, Grupo Hidrosina, OXXO Gas, Servifácil and Petrodiésel del Centro.

On behalf of the companies, the CEO of Servifácil, Eugenio del Valle, “reiterated the willingness of the gasoline manufacture to proceed moving successful coordination with the Mexican authorities toward a communal goal,” according to the Energy Ministry statement.

That extremity is for substance to “continue to beryllium an motor of development, competitiveness, and well-being for each Mexicans.”

Gas stations successful Mexico root a batch — but not each — of their substance from Mexican refineries, helping them to support little prices. The authorities tin besides temporarily trim oregon destruct the IEPS excise taxation connected substance to support prices low.

Sheinbaum said Monday she was prepared to trim the IEPS connected gasoline amid the struggle successful the Middle East “if necessary.”

Pemex CEO: Government could forge a akin pact for diesel 

After the gathering betwixt national officials and the representatives of state presumption companies, the CEO of authorities lipid institution Pemex said that the authorities could scope a akin pact with the substance assemblage to headdress the terms connected diesel, which is astir 4 pesos much costly than gasoline per liter.

Víctor Rodríguez Padilla said that a terms headdress for premium gasoline is not indispensable arsenic the marketplace for that substance is precise tiny and motorists who acquisition it are mostly amended off.

“The bulk of [fuel] income are of Magna [regular] gasoline,” helium said.

According to Energy Minister González, regular gasoline is utilized by much than 85% of vehicles successful Mexico.

Brent crude tops $100 per tube connected Thursday

The New York Times reported connected Thursday day that “the terms of Brent crude, the planetary benchmark for oil, was astir $99 a tube connected Thursday, up astir 8 percent, aft concisely crossing supra $100 earlier successful the day.”

On Monday, “the terms of Brent spiked to astir $120 a tube arsenic traders feared long-lasting cuts successful supplies,” the Times reported.

Before the United States and Israel attacked Iran connected Feb. 28, Brent was selling for astir $73 a barrel. A cardinal origin successful the summation successful the terms of lipid is the closure of the Strait of Hormuz, located disconnected Iran’s confederate coast. Around 20% of planetary lipid proviso usually passes done the constrictive waterway that links the Persian Gulf to the Gulf of Oman, which connects with the Arabian Sea.

Prices for West Texas Intermediate (WTI) crude, the U.S. benchmark, and Mexican crude person besides accrued during the warfare successful the Middle East, but they are some cheaper than Brent.

The Times reported that WTI roseate to $95.73 per tube connected Thursday, portion Mexican crude closed astatine $81.59 per barrel.

Gasoline prices person accrued successful the United States this week, though motorists determination inactive wage considerably little than their counterparts successful Mexico.

With reports from El Economista and Sin Embargo