Corporate News

Pemex rejects claims of impending increase in fuel prices

Pemex rejects claims of impending increase in fuel prices

Petróleos Mexicanos (Pemex) said that the gradual fuel pricing policy that has successfully been applied in the country since last year will be maintained, categorically rejecting any speculation that claims an impending increase in fuel prices.

The formula used to determine wholesale fuel and diesel prices in Mexico includes assessment mechanisms that reduce the possibility of price volatility “and therefore there is no reason to anticipate a sudden increase in fuel prices, which has not occurred,” Mexico’s state-owned oil company said.

Petróleos Mexicanos also reaffirmed “its commitment to maintaining the quality of its fuel and service in the almost 12 thousand service stations of the Pemex Franchise, which now are a part of an innovative business model that will guarantee improvement to their customer service,” Pemex said in a statement.

Pemex also has launched the second phase of its logistics open season, offering midstream capacity in the cities of Monclova, Sabinas and Nuevo Laredo in the country’s northern region. The process will start on 9 January 2018 and the capacity will be awarded on 14 March 2018, the company announced last week in the official government gazette. Pemex did not disclose how much capacity it will offer at each system.

As part of the government’s energy reform policies, Pemex was ordered to auction off part of its logistics infrastructure. The capacity is being offered under short-term contracts while new infrastructure is yet to be developed. The lack of midstream capacity has been an obstacle for new fuel marketers who wish to operate in Mexico.

The Monclova, Sabinas, and Nuevo Laredo systems have a combined nameplate storage capacity of 410,000 barrels, according to Mexico’s Secretaria de Energia (SENER). Their operational capacity is 314,250 barrels.

Pemex will also auction capacity at its 19,000 barrel per day (bpd) Satelite-Monclova-Sabinas pipeline. Sabinas and Monclova are in the states of Coahuila, while Nuevo Laredo is a major manufacturing hub in the state of Tamaulipas.

Mexico is the world’s fourth-largest consumer of gasoline, according to SENER. The country’s gasoline consumption is estimated to have reached 829,600 bpd of which 534,400 bpd or 64% had to be imported.

Demo 870×90

You may also like