President: Mexico has nearly stopped fuel theft

MarketsAssociated Press

Mexican President Andrés Manuel López Obrador says his administration has nearly stamped out the fuel theft that has plagued the country for years.

López Obrador sent the military after the fuel thieves shortly after taking office in December. In November, thieves were stealing an average of 81,000 barrels of gasoline per day, mostly by illegally tapping pipelines. Official figures indicate that the daily loss was down to 8,000 barrels a day last month, and through the first week in April, it was averaging 5,000 barrels per day.

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López Obrador said Wednesday it's proof that his government will not tolerate corruption.

Fuel theft cost the government more than $3.4 billion last year. If the current strategy continues to work, the president said Mexico could save more than $2.6 billion this year.