Pemex fuel output surges, imports down in March

Mexico's state-owned Pemex increased its gasoline and diesel output by 32pc in March from a year earlier, cutting its road fuels imports by 25pc year over year.

Pemex's gasoline and diesel output at its six domestic refineries amounted to 562,300 b/d in March, up from 427,100 b/d in the same month of 2023, according to the company's monthly data published on 26 April.

Gasoline production rose by 27pc to 350,400 b/d in March year over year. Gasoline output increased by 13pc from February.

Pemex's gasoline imports fell by 16pc in March from a year prior, driven by increased domestic production. On a monthly basis, gasoline imports fell by 18pc from February.

The company's diesel output surged by 40pc to 211,900 b/d in March year over year, driving imports down by 43pc to 112,500 b/d (see table). Diesel production was 26pc higher in March compared with February.

Road fuels output increased as Pemex's refining system processed 23pc more crude — 1.06mn b/d — in March from the prior year, as result of billion-dollar investments since 2019 to rehabilitate Pemex's refineries and a decline in crude exports.

Pemex's regular 87-octane gasoline domestic sales remain almost steady at 527,400 b/d in March from a year earlier. In contrast, 92-octane premium gasoline sales rose by 11pc to 132,800 b/d year over year, as demand for premium gasoline in Mexico has increased this year.

The company's diesel sales ticked up by 1pc in March from a year earlier and were 3pc above February sales.

Pemex's domestic sales of refined products accounted for 75.6pc of the company's total revenue in the first quarter, Pemex said during its earnings call on 26 April. This compares to a 70.8pc share in full-year 2023, the company said.

By Antonio Gozain