Free Trial

OIL: Pemex Net Gasoline Importer Despite AMLO Investments

OIL

Pemex still imports more gasoline than it produced, despite the investments made during the presidency of AMLO, Bloomberg said.

  • Pemex is importing on average around 384k b/d of gasoline, compared to production of 300k b/d, according to Pemex data up to July 2024.
  • Mexico’s total gasoline demand is estimated to be 700k-800k b/d.
  • In his final government report, AMLO said that his government has invested $3.7 billion into modernisation of existing refineries, bringing capacity up to 511k b/d of a total 1.06m b/d of production.
  • Consequently, Mexico’s local refining capacity is up to 65% of production compared to 38% in 2024.
  • AMLO still claims that Mexico will be self-sufficient for gasoline, diesel, and jet fuel by the end of the year.
  • However, the new 340k b/d Dos Bocas refinery still only produces around 21.5k b/d of diesel.
  • AMLO also promised to lower the price of gasoline, before qualifying that to mean rising below inflation. In 2024, Mexico’s gasoline prices have surpassed CPI.
155 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Pemex still imports more gasoline than it produced, despite the investments made during the presidency of AMLO, Bloomberg said.

  • Pemex is importing on average around 384k b/d of gasoline, compared to production of 300k b/d, according to Pemex data up to July 2024.
  • Mexico’s total gasoline demand is estimated to be 700k-800k b/d.
  • In his final government report, AMLO said that his government has invested $3.7 billion into modernisation of existing refineries, bringing capacity up to 511k b/d of a total 1.06m b/d of production.
  • Consequently, Mexico’s local refining capacity is up to 65% of production compared to 38% in 2024.
  • AMLO still claims that Mexico will be self-sufficient for gasoline, diesel, and jet fuel by the end of the year.
  • However, the new 340k b/d Dos Bocas refinery still only produces around 21.5k b/d of diesel.
  • AMLO also promised to lower the price of gasoline, before qualifying that to mean rising below inflation. In 2024, Mexico’s gasoline prices have surpassed CPI.