Pemex road fuel inventories down in March

Market: Oil products
15/04/25

Mexican state-owned Pemex's road fuel inventories fell by 17pc in March from a year earlier, driven by lower regular and premium gasoline stocks.

Pemex's regular gasoline, premium gasoline and diesel inventories at its 81 port and inland terminals decreased to 8mn bl in March, down from 9.6mn bl in March 2024, according to a Pemex transparency response to an Argus request.

The company stored on average 5,350 bl of gasoline and 3,800 bl of ultra-low sulphur diesel (ULSD) at its Olmeca terminal in Dos Bocas in March.

In the past, the energy ministry published Mexico's total fuel inventories — Pemex and non-Pemex — with a delay of up to two months, but it has not updated the data since late 2023.

Pemex increased its gasoline and diesel production in February by 5pc from the same month a year prior, but imports dropped sharply by 30pc year-over-year to roughly 362,000 b/d.

Regular gasoline inventories fell by 19pc to 4.1mn bl in March from a year earlier, despite higher domestic output, likely because of lower imports.

Diesel stocks dropped by 10pc to 2.8mn bl from the previous year, while premium gasoline inventories sank by 23pc to 1.1mn bl, tracking an increase in premium gasoline demand as well as lower imports.

Jet fuel stocks down

Meanwhile, jet fuel inventories fell by 12pc to 368,800 bl in March from the prior year, Pemex data requested by Argus show.

Pemex's jet fuel production dropped by 21pc to roughly 34,000 b/d in February from the same month a year earlier, while domestic sales decreased by 4pc to about 95,000 b/d in the same period.

Jet fuel imports also declined, falling by 4pc to 55,000 b/d in February from the previous year.

Pemex's March gasoline and diesel inventories were just over nine days' worth of the company's sales so far in 2025. Its jet fuel inventories were just under four days' worth.

Mexico's minimum fuel storage policy — in effect since July 2020 — requires fuel sellers to have at least five days' worth of sales on hand for gasoline and diesel, and three days' worth of sales for jet fuel.

By Cas Biekmann

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