President Claudia Sheinbaum announced a new strategy to integrate 33 million Mexicans into the formal financial system by allowing the opening of bank accounts without a Tax Identification Number (RFC). The proposal aims to encourage the use of electronic payments by removing the fiscal requirement as a barrier to initial enrollment.
Sheinbaum explained that the government intends to invert the traditional process of formalization. Under the current system, individuals must first register with the tax authority, or SAT, before accessing banking services. The president’s plan would allow citizens to open basic, low-risk accounts—specifically targeting the “N2” and “N3” categories regulated by the Bank of Mexico—to receive payments and store funds.
“Que se pueda abrir una cuenta bancaria sin necesidad de registrarte ante Hacienda, para formalizar la economía. Esto se ha hecho en muchos lugares del mundo,” Sheinbaum said during her morning conference on April 6. The administration expects customers to transition toward full fiscal registration and credit access only after they have been successfully onboarded into the banking system.
Fuel strategy meets mechanical reality
While the president seeks to modernize the financial sector, her recent comments regarding gasoline prices have generated friction with automotive experts and fuel retailers. Sheinbaum has defended the government's target of maintaining the price of Magna gasoline at 24 pesos per liter, suggesting that owners of vehicles requiring Premium fuel could switch to the cheaper Magna option to save money.
However, automotive specialists warn that this advice could lead to long-term mechanical damage. Premium fuel is formulated with a higher octane rating, which measures a fuel's resistance to premature ignition within the engine. When a vehicle designed for high-octane fuel runs on lower-grade gasoline, it can experience engine knocking, reduced acceleration, and loss of efficiency. Mercedes-Benz has warned that consistent use of incorrect fuel leads to internal engine wear and potential performance degradation. Experts suggest that drivers consult their owner’s manuals rather than relying on price-based fuel switching.
Beyond consumer advice, the administration is taking a hard line against fuel retailers. Expansion.mx reported that nearly 8,000 gas stations are currently ignoring the government's price cap on diesel, which is set at 28.28 pesos per liter. Sheinbaum issued an energetic call to business owners, threatening sanctions via the Federal Consumer Protection Agency (Profeco) for those who sell fuel above the agreed-upon rates. She suggested that, at a minimum, non-compliant stations would be publicly shamed with banners identifying them as having high prices.
Alejandro Montufar, CEO of PetroIntelligence, explained that the price discrepancy is largely due to existing inventory costs. Retailers are currently selling fuel purchased at higher wholesale prices, and the government's price cap prevents them from recovering those costs immediately. Montufar noted that as inventories are replaced with cheaper, competitively priced product, consumer prices should gradually decrease. Currently, Profeco continues to conduct inspections to enforce the government's pricing ranges.
