Mexico fuel import costs and refining efforts

Mexico has faced significant financial pressure due to rising imported fuel prices. Between March and August 2026, the country incurred a net additional cost of $2.5 billion, making it the second most impacted nation globally after Indonesia. While $2.9 billion in energy export revenues helped mitigate total expenditures, the country still faced a net negative balance of $1.804 billion.

To address this dependency, the Mexican administration has focused on expanding domestic refining capacity. President Claudia Sheinbaum reported that the National Refining System now processes over 1.5 million barrels per day, with the Olmeca refinery in Dos Bocas reaching a peak production of 252,000 barrels per day in July.

Recent reports indicate that Pemex is losing approximately 1,756.9 million pesos per month as a result of government strategies to contain fuel prices. Under a voluntary pact to keep gasoline below 24 pesos per liter and diesel below 27 pesos per liter, Pemex has homogenized wholesale prices nationwide. This policy requires the company to absorb the logistical costs of transporting fuel to remote areas, as these expenses are not reflected in the wholesale price.