Business · Companies · 2 hrs ago
HR Ratings urges Pemex to cut gasoline imports to 30% of demand
HR Ratings recommended that Pemex aim to import only 30% of Mexico’s gasoline needs, with domestic production supplying the rest.
Mexico currently imports about 45% of the gasoline it uses, down from 65% eight years ago.
Lower imports could ease pressure on Pemex’s finances and improve its primary balance, a measure of income and spending before interest costs.
The agency pointed to refinery upgrades, including coking units in Tula and Minatitlán, as a way to produce more valuable fuels such as gasoline.
Pemex still faces difficulties raising oil output and refining more crude, while domestic gasoline production remains far below demand.
HR Ratings estimates that Pemex will continue to need public funding through 2029.
HR Ratings urged Pemex to aim for gasoline imports equal to 30% of national consumption.
The agency said the target could ease pressure on Pemex’s finances and improve its primary balance.
Mexico imports about 45% of the gasoline it consumes, down from 65% eight years ago, according to HR Ratings.
The agency said refinery upgrades could help Pemex produce more gasoline and rely less on imported fuel.
HR Ratings analyst Édgar González said operational difficulties remain a financial and operational risk for the company.
- Who
- HR Ratings urged state oil company Pemex to reduce its reliance on imported gasoline.
- What
- It recommended setting a target for imports to account for 30% of national gasoline consumption.
- When
- The recommendation was reported on October 25, 2026.
- Where
- Mexico.
- Why
- HR Ratings said the target could ease pressure on Pemex’s finances and improve its primary balance.
This story does not have two clearly opposing sides.
Mexico imported 65% of the gasoline it consumed, according to HR Ratings.
Pemex’s gasoline imports followed a downward trend, falling from 422,000 to 337,600 barrels per day.
Pemex’s gasoline production rose from 252,400 to 356,300 barrels per day.
Gasoline imports averaged 322,600 barrels per day.
Pemex’s crude processing averaged one million barrels per day, while gasoline production was around 350,000 barrels per day.
Infobae reported HR Ratings’ recommendation that imports account for 30% of national gasoline consumption.
- Import target
- 30% of national gasoline consumption
- Current import share
- About 45% of gasoline consumption
- Previous import share
- 65% eight years ago
- Gasoline imports
- 337,600 barrels per day in 2025
- 2026 imports
- Average of 322,600 barrels per day from January through August
- Refinery upgrades
- Tula, Hidalgo, and Minatitlán, Veracruz
1 source
What people are saying
We would expect gasoline imports to fall to 30 percent, with 70 percent produced domestically and 30 percent imported; Pemex could substantially improve its finances.
What we are seeing is that Pemex is having operational difficulties. Basically, it is struggling to reverse the decline in production levels and recover refining levels.