Increase in Mexican fuel imports goes against the president's goal

Increase in Mexican fuel imports goes against the president’s goal

The Mexican state oil company imported 11% more gasoline in May than the previous month, a sign that it is struggling to meet President Andrés Manuel López Obrador’s goal of making the nation self-sufficient in refining.

Gasoline imports from Petróleos Mexicanos grew to 358,500 barrels a day in May, according to data released Monday. This comes after the company managed to reduce its fuel imports in March and April and as importers wait for Pemex’s flagship refinery in Dos Bocas, Tabasco, to come online.

Pemex, the most indebted oil company in the world, has repeatedly delayed the start date of Dos Bocas on which it has spent billions to help meet the president’s goal of making Mexico’s fuel production self-sufficient. The project is part of his broader quest for Mexico to become energy independent.

Meanwhile, Mexico refined 267,000 barrels of gasoline per day in May, a 10% reduction compared to the previous month and a five-month low as the company continues to recover from the impact of a fire at another refinery in April.

Additionally, throughout much of May, a separate Pemex facility was ordered to reduce its operations after air quality in the area deteriorated.

The company’s crude oil production has plummeted to half its peak 20 years ago as The company is struggling to reduce its roughly $100 billion debt load.