These five states sell Magna gasoline for more than 24 pesos

At the end of February, President Claudia Sheinbaum signed an agreement with gas station owners to reduce the price of regular or Magna gasoline to less than 24 pesos per liter.

The national average price per liter of this gasoline, the most consumed in the country, was 23.72 pesos in April and has been falling for three consecutive months. However, gas stations located in Quintana Roo, Baja California Sur, Oaxaca, Nayarit, and Zacatecas are offering fuel prices above 24 pesos, according to data from the Energy Regulatory Commission (CRE).

Quintana Roo sold regular gasoline at 24.57 in April, the highest price in the country, although it has dropped by one peso since February . In second place is Baja California Sur, where it sold for 24.29, also down by one peso.

Oaxaca comes in third, offering 24.06 pesos per liter, one peso less than in February.

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At the other extreme, with the most affordable regular gasoline, is Tamaulipas, where the average price was 21.83 pesos in April.

In March, Banamex analyst Arely Medina opined that setting a price cap of 24 pesos was not a good idea, since gasoline and diesel are goods whose prices are determined not solely by market criteria, but also by reference prices in pesos, quality adjustments, additional costs, margins, and taxes.

The reference price takes into account international prices and the exchange rate; the quality adjustment considers the treatment given to the fuel to adapt it to certain physical conditions; additional costs include logistics costs such as storage and transportation; the margin refers to the estimated value of the service station's operating costs and profit; and taxes include the corresponding IEPS (Tax on Production) and VAT (Value Added Tax).

Assuming the case of a good whose price is governed by a competitive market, when the government imposes a maximum price below the equilibrium price, inefficiencies are generated: the quantity demanded rises because consumers will want to buy more, but the quantity supplied falls because producers have less incentive to produce or sell , Medina explained.

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"Although setting a maximum price is intended to benefit the consumer, Intervening in price-formation mechanisms can lead to high costs that will end up being absorbed by consumers.”

The price cap policy could create incentives for marketers to sell premium gasoline and diesel at a higher price; acquire stolen fuel; or deliver less product than charged to maintain profit margins, he warned.

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