Mexico moves up fuel imports to spur investment

Mexican officials have moved up the date for opening the country's market to imported fuels in an attempt to spur investment at a time when low oil prices have forced the government to cut spending.

President Enrique Peña Nieto said Monday during a visit to Texas that businesses will be able to begin importing gasoline and diesel as of April 1, rather than 2017 as previously planned. The opening was part of historic energy-sector reforms.

Until now only state-run Petróleos Mexicanos, or Pemex, has been able to import gasoline and diesel.

Peña Nieto predicted the opening would lead to lower fuel prices and "set off a strong private investment."

The president was participating in an energy-sector meeting in Houston called IHS CERA Week, where he was recognized for his reforms.