Mexico’s president-elect, leftist Andres Manuel Lopez Obrador, said on Monday that fuel prices would begin to come down in three years, once domestic fuel output starts to rise thanks to refinery improvements and a planned new refinery.
Lopez Obrador, who won by a landslide in the July 1 election and takes office on Dec. 1, said in a press conference after meeting with industry leaders that there would be no sharp rises in fuel prices during the first half of his six-year term, and that they would rise only in line with inflation.
“After three years, by which time we will have fuel production in Mexico – because we’re going to rehabilitate the six refineries and build one so we can stop buying fuel abroad – we will have lowered prices,” he said.
Lopez Obrador has long criticized a broad energy sector overhaul pushed through Congress by current President Enrique Pena Nieto, but has toned down attacks in recent months. Pena Nieto’s popularity suffered a big hit after a sharp fuel price rise in January 2017.