HR Ratings Urges Pemex to Cut Gasoline Imports to 30%

HR Ratings recommended on October 24, 2026 that Petróleos Mexicanos (Pemex) reduce gasoline imports to 30% of national consumption, down from roughly 45% today, to ease pressure on its finances and improve its primary balance. The proposal was presented by Édgar González, senior associate for Economic Analysis and Sovereign Debt at the rating agency, in remarks to El CEO.

The figure underpinning the recommendation comes from the oil company's institutional database: gasoline production rose from 252,400 barrels per day in 2023 to 356,300 in 2025 according to Infobae, while purchases abroad fell from 422,000 to 337,600 barrels per day between 2022 and 2025. In August 2026, Forbes México, citing Pemex data, reported production of 439,346 barrels per day of gasoline and 291,787 of imports. According to González, the oil company now imports close to 45% of the gasoline it consumes, versus 65% eight years ago.

For the regional energy sector, the gap between domestic production and demand determines how much of Pemex's foreign-currency spending remains exposed to the exchange rate and international crude prices. Gasoline and refined product balances are part of the energy trade between Mexico and the United States: imported gasoline arrives mainly from Gulf refineries, so every additional barrel produced domestically replaces a purchase in dollars.

González noted that leveraging the upgrades to the National Refining System (SNR), in particular the cokers at Tula, Hidalgo, and Minatitlán, Veracruz, helps raise output of higher-value fuels. The specialist also pointed out that the rise in oil prices over the past year is pressuring the cost of importing refined products, and that reversing the production decline and recovering refining levels remain among the company's main operational and financial risks.

The first data point to watch is Pemex's September monthly report, which will show whether gasoline production holds at the August level and whether imports sustain the 24% drop recorded that month versus July.

This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.