On December 31, 2016, the price of standard-grade gas in Mexico was about $2.60. On January 1, Mexico increased the price of regular gasoline by 14% (roughly $2.95), diesel by 17%, and premium fuel by 20%. 

Mexicans coined gas price hike (the highest in two decades) as a “gasolinazo,” which translates to “gasoline blow" or "gasoline slam." Bloomberg reports that Mexicans and South Africans spend more of their annual income on fuel than residents of 59 other countries.

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The rising fuel prices — enforced by the Mexican government in Mexico City — has spawned protests against president Enrique Peña Nieto.

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photo: Reuters

Their signs say "No more high gasoline prices" and "Get out, Peña"

According to The Guardian, the Mexican president said, "Allowing gasoline to rise to its international price is a difficult change, but as president, my job is to precisely make difficult decisions now, in order to avoid worse consequences in the future."

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Truck drivers blocked the Mexico-Queretaro motorway as part of the protest.

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photo: Reuters
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Policeman have been detaining protestors.

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photo: Reuters

They have been using violence, as well, to do so.

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Protesters blocked the entrance to the Pemex gas station and have burned tires.

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photo: Reuters
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Shops have been looted as well.

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photo: Reuters
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photo: Reuters
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Over 600 people have been arrested in the gasoline-price protests.

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photo: Reuters

The Wall Street Journal has reported that two people have been killed.

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photo: Reuters
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Policemen have been protectecting the Government Palace after it was vandalized.

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photo: Reuters
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photo: Reuters
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One man was urging demonstrators to remain calm at the Macroplaza/La Gran Plaza in Monterrey, Mexico.

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photo: Reuters
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Policemen have resorted to spraying water on the protestors.

mexico gasoline price hike #gasolinazo
photo: Reuters

The crisis comes as the Mexican peso has hit an all-time low and president-elect Donald Trump holds firm to his campaign promises on immigration, trade, and a Mexican border wall — all of which have grave consequences for Mexico's economy.