The Minister of Economic Affairs, Communication, and Sustainable Development, Geoffrey Wever announced the new fuel prices effective May 8th, 2024:
Gasoline unleaded-premium: 269.0 cents per liter (+2.1 cents)
Diesel LS: 228.2 cents per liter (–1.9 cents)
Kerosene: 211.6 cents per liter (+0.7 cents)
These prices include BBO/BAZV/BAVP.
Last month, on April 10, a price increase was also announced, which means that for the fifth time this year, gasoline prices are rising. There was only a slight reduction at the beginning of January.
A significant portion of the gasoline and diesel prices goes to the government in excise taxes. The excise tax on gasoline and diesel prices is very high. The government takes a large portion, and the profit from the pumps themselves is minimal.
In addition to excise taxes, the government takes two extra cuts from gasoline prices. The 7% BBO from FMSA for the Citgo pump tank and another 7% from the pump to the tank of your vehicle. Besides high excise taxes, the government earns another 14% on the selling price.
Finally, of the total pump price, a high percentage goes straight to the government. People can save a bit by filling up on Tuesday night before midnight.
