Overview

• Pemex Logística reported a net loss of 12,729 million pesos in the first half of 2025, marking its first negative result on record since 2016.
• Unit revenues plunged about 41% year-on-year after Pemex absorbed logistics expenses for Magna gasoline, generating losses of roughly 1 to 1.50 pesos per liter sold.
• Consolidated Pemex operations remained in the black with a 16,187 million-peso gain driven by foreign exchange benefits.
• The federal government and the Energy Secretariat have injected subsidies and unveiled a $25 billion investment package for 2025–2027 to bolster fuel distribution.
• Reduced availability of commercial tankers prompted the deployment of Sedena-operated trucks and private fleets, though unpaid contractor arrears and under-utilized refineries pose ongoing supply risks.