The fallout between OPEC kingpin Saudi Arabia and non-OPEC leader Russia has kickstarted an oil price war.
And with coronavirus slamming global oil demand, pump prices are falling around the world. The price for regular gas at BP outlets dipped below 17 pesos per liter in Guadalajara early this week, with premium costing around 17.25 pesos.
And on Wednesday, some Pemex stations were selling regular gas for less than 16 pesos.
In the United States, retail gasoline is expected to average US$1.99 a gallon in the next 72 hours and fall as low as US$1.49 by mid-April, says Gas Buddy.
Although Mexican President Andres Manuel Lopez Obrador has tried to take the credit for the cost of gasoline coming down, analysts and journalists quickly corrected him, pointing out that the government no longer sets the price of fuel, which fluctuates according to international prices and demand.