Tuesday, November 30, 2021

NEWS

Mexican oil exports rise again

Mexican oil exports rise again

Mexico, Jun 25 (Prensa Latina) The price of Mexican oil exports went up 29 cents and closed at 69.60 dollars a barrel, Petroleos Mexicanos (PEMEX) reported on Friday.
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Therefore, oil prices are keeping their best level since late October 2018, when the barrel was sold for 70 dollars, the state company noted in a press release.

This month, oil prices are going up due to a bigger greater, which has allowed the Mexican crude oil to go up 5.94 dollars; that is, close to ten percent, the report added.

Mexican basic items have more than doubled, even if on June 24, 2020, it was at 36.45 dollars a unit, in the context of the impact by the Covid-19 pandemic, the report said.

It pointed out that the increase in oil prices is translated on one side into more public revenues since it is way over 42 dollars a barrel, set this year by the Federal Revenue Law, and nearly one million dollars goes to the treasury per every extra dollar on each barrel.

However, the increase in oil prices also has an impact on people’s economy, since it is one of the factors that, along with the exchange rate and transportation costs, contributes to make gasoline more expensive, an item whose cost has triggered inflation over the last year.

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