Beginning on 1 January 2017, the Peña Nieto Administration (PRI, 2012–2018) withdrew existing subsidies on the price of fuel; from then on, the prices would be pegged to the international market. At that time, Mexico was exporting less and less crude oil and importing more and more gasoline. The different types of fuel were sold at the subsidized price, resulting in huge losses for PEMEX, the state-owned company that, since oil was nationalized in 1938, had held a monopoly on the industry and on retail gasoline sales. The elimination of the subsidies caused a jump in fuel prices of between 14 percent and 20 percent, depending on the octane level and the area where it was sold. The sudden price hike was given the name “gasolinazo,” or brutal price hike, in Spanish.