MEXICO CITY (AP) — Mexican officials have moved up the date for opening the country’s market to imported fuels in an attempt to spur investment at a time when low oil prices have forced the government to cut spending.
President Enrique Pena Nieto said Monday during a visit to Texas that businesses will be able to begin importing gasoline and diesel as of April 1, rather than 2017 as previously planned. The opening was part of historic energy-sector reforms.
Until now only state-run Petroleos Mexicanos, or Pemex, has been able to import gasoline and diesel.
Pena Nieto predicted the opening would lead to lower fuel prices and “set off a strong private investment.”
The president was participating in an energy-sector meeting in Houston called IHS CERA Week, where he was recognized for his reforms.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.