LOOTERS STORM 250 STORES ACROSS MEXICO OVER 20% GAS HIKE

[1/5/17]  Looters sacked at least 250 stores across seven Mexican states, reflecting growing unrest over a 20 percent hike in gasoline prices.

Wal-Mart de Mexico SAB, Grupo Comercial Chedraui SAB, Grupo Elektra and Organizacion Soriana SAB stores were among those targeted this week in a wave of anger about the “gasolinazo,” or fuel-price slam. Looting, preemptive store closings and trucks robberies have been widely reported in local press and social media since Tuesday night.

Even before the unrest, retailers were expected to take the biggest hit by the hike. The increase is likely to erode purchasing power and consumer sentiment that’s already suffering as a weaker peso fuels concern about inflation. The government is letting gas prices surge as part of a plan to gradually cede control of the fuel market to private development following a landmark energy overhaul in 2013.


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