According to the data presented by the Ministry of Finance and Public Credit (SHCP), during the first month of the year, the income from oil activity registered 42 thousand 436 million pesos below schedule, due to a drop in sales and lower crude oil production.
Through its report on finances and public debt for the month of January, the SHCP indicated that the revenues totaled 69 thousand 569 million pesoswhich translates into 37.8 percent less than the 112 billion pesos estimated for that period.
Although the figures presented by the Treasury indicate that the amount foreseen by the authorities was far from being fulfilled, the amount entered into the coffers through the Mexican Oil Fund was 35 percent higher than what was observed in January 2021, due to the increase in input.
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“Furthermore, in the first month of the year, the indebtedness of Pemex was reduced by 3 thousand 200 million dollarsdue to a refinancing operation carried out by the Ministry of Finance and Public Credit,” the agency added in its press release.
For the first month of the year, an oil production of 1.86 million barrels per day was forecast, however, 1.69 million were produced, which wasted the bonanza that lives in the price of crude oil due to the war after the Russian invasion of Ukraine.
Likewise, in general terms during the month of January, the public sector revenues totaled 543 thousand 470 million 300 thousand pesoswhich meant an increase of 3.1 percent, compared to the same month of the previous year, which is due to the excess of oil revenues and the evolution of tax collection.
In addition, they pointed out that, as part of the strengthening of tax collection, income from the Income Tax (ISR) increased by 10.6% in annual terms.
Although, the Special Tax on Production and Services (IEPS) recorded a 23.9 percent contractionlargely as a result of the stimulus applied by the Treasury to fuels and gasoline, to prevent the rise in the price of oil from being transferred significantly to the pockets of Mexicans.
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Likewise, the SHCP pointed out that those interested in knowing more information or comparing more detailed data, can consult the statistics of finances and public debt on the website: http://presto.hacienda.gob.mx/EstoporLayout/estadisticas.jsp
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