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Mexico Has More Refining Capacity. So Why Are Fuel Imports Rising?

Mexico’s push for fuel self-sufficiency has run into a stubborn problem: Pemex has built and upgraded refining capacity faster than it has learned to operate it reliably.

  • Mexico's refining capacity expanded but struggles to maintain high processing rates.
  • Refineries processed 1 million barrels per day in Q2 2026, below 1.75 million barrel capacity.
  • Fuel imports surged, averaging $54/bbl for diesel and $44/bbl for gasoline.

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