UPDATE 3-Mexico quickens pace of gasoline price rises
(Adds government comment)
By Luis Rojas Mena and Jason Lange
MEXICO CITY, July 7 (Reuters) - Mexico is quickening the pace of gasoline price increases, fanning worries about inflation, as the rising cost of subsidizing imported fuel weighs on the government's finances.
The price of Mexico's standard grade gasoline, known as Magna, jumped 6 centavos on July 1 to 7.23 pesos a liter, a spokeswoman for state-run oil monopoly Pemex said on Monday.
It was the sharpest increase in at least 2-½ years by the government, which sets fuel prices.
Concern that the price increase could fuel inflation hit government bonds, which were already under pressure from news of a hike in cement prices.
A spokesman from the finance ministry said the increase was part of the government's normal price fixing-scheme.
"This is within the same policy, there is no intention of raising the price outside of our plans," Rodrigo Brand from the finance ministry told Reuters.
But some consumers were surprised by the price hike. Continued...
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