Mexico faces high fuel import costs amid refining expansion

Mexico was the second country globally to suffer the highest financial losses due to rising imported gasoline prices between March and August 2026, according to an analysis by the Centre for Research on Energy and Clean Air (CREA). The country faced a net additional cost of $2.5 billion, trailing only Indonesia, which lost $2.6 billion.

While Mexico's total additional expenditure for gasoline, diesel, jet fuel, and natural gas reached $4.705 billion, the net impact was mitigated by $2.9 billion in energy export revenues, primarily from crude oil. This resulted in a total net negative balance of $1.804 billion.

In response to fuel dependency, the Mexican administration has prioritized increasing domestic refining capacity. President Claudia Sheinbaum reported that the National Refining System now processes over 1.5 million barrels per day. Notably, the Olmeca refinery in Dos Bocas reached a peak production of 252,000 barrels per day in July, representing 74% of its installed capacity.