Mexico City, Mexico - Mexico's finance ministry said on Friday that a 1.9-percent hike in fuel prices announced on January 1st will be the last price increase for 2015.

"The maximum prices ... will remain at the level established at the beginning of the year, and the monthly adjustments will be eliminated," the ministry said, referring to the incremental monthly increases it has been making for several years to compensate for fluctuating international crude prices.

The 1.9 percent increase is below the 3 percent to 4 percent inflation rate forecast for 2015, it noted.

Although one of the world's major crude oil producers, Mexico cannot meet its fuel needs with its current refining capacity and has to import refined oil.