Pemex Fuel Sale Expansion Plans Fail to Gain Traction
02.28.2022 - NEWS

February 21, 2022 [bnAmericas] – Mexico’s federal oil and gas giant Pemex has continued to lose ground in the country’s fuel sales market despite a new strategy to recuperate stations that have abandoned the brand since the 2013-14 energy reforms.

 

According to research firm Petrointelligence’s latest sector report with data gathered from energy regulator CRE and the retailers themselves, in January the number of gas stations carrying the Pemex brand went down again, and has done so every month since October.

Currently, 8,190 stations carry the state-owned brand, 192 less than four months earlier, while stations that carry different brands grew to 4,713, up from 4,611 in December.

Since November, Pemex has been offering credit and discounts to retail fuel sales businesses as a strategy to encourage them to switch back to its brand. Concurrently, difficulty obtaining new permits issued by CRE has made it increasingly hard for new players to enter the market.

The company’s plan will also include the creation of a new subsidiary in charge of marketing oil derivatives (gasoline, diesel and fuel oil, among others), gas and petrochemicals in the country.

CRE has also suspended the operations of several fuel import and storage terminals, including those owned by Monterra Energy and Bulmatik. Monterra announced earlier this week it had notified the Mexican government of its intention to take the case to international arbitration on account of the losses derived from a five-month closure of its Tuxpan facility.

Other companies, including BP and Glencore, have had requests to extend fuel import permits rejected by CRE.

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