OIL: Pemex Net Gasoline Importer Despite AMLO Investments

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.