Exclusive-Mexico deputy Finance Minister says income from higher oil prices to pay for fuel subsidy

2022.04.02 03:36

FILE PHOTO: Mexican Deputy Finance Minister Gabriel Yorio is seen during an interview with Reuters at the National Palace in Mexico City, Mexico September 9, 2020. REUTERS/Henry Romero/File Photo

By Anthony Esposito

MEXICO CITY (Reuters) – The extra income that Mexico, an oil producer and exporter, will gain from higher crude prices will be used to pay for a subsidy to keep domestic gasoline prices down, Mexican Deputy Finance Minister Gabriel Yorio told Reuters on Friday.

Without the subsidy, annual inflation, which hit 7.29% in the first half of March, would rise two percentage points to above 9% within four months, Yorio said in an interview at his office in downtown Mexico City.

Source