UPDATE 1-Mexico fuel prices to begin liberalization at end March

12/21/2016 Reuters 

By David Alire Garcia

Energy -electricity_transmission_linesDec 21 A staggered fuel price liberalization in Mexico will begin at the end of March and extend through the remainder of 2017, the head of the country’s energy regulatory commission (CRE) said on Wednesday.

The move will phase out government-set gasoline prices, a practice which has prevailed in Mexico for decades, and replace them with market prices.

Guillermo Garcia, president of the commission, told a news conference that market prices for gasoline and diesel would be rolled out gradually by regions, beginning with the northwestern states of Baja California and Sonora on March 30.

The change is one of the most tangible parts of a landmark energy reform in Mexico, which in 2013 ended the 75-year monopoly of state oil company Pemex over nearly all facets of the sector, from crude production to retail fuel sales.

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