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.
The rising fuel prices — enforced by the Mexican government in Mexico City — has spawned protests against president Enrique Peña Nieto.
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."
Truck drivers blocked the Mexico-Queretaro motorway as part of the protest.
Policeman have been detaining protestors.
They have been using violence, as well, to do so.
Protesters blocked the entrance to the Pemex gas station and have burned tires.
Shops have been looted as well.
Over 600 people have been arrested in the gasoline-price protests.
The Wall Street Journal has reported that two people have been killed.
Policemen have been protectecting the Government Palace after it was vandalized.
One man was urging demonstrators to remain calm at the Macroplaza/La Gran Plaza in Monterrey, Mexico.
Policemen have resorted to spraying water on the protestors.
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.