Gasoline imports to Mexico fell 28% year-on-year in 2023, to US$16.775 billion, according to data from the Bank of Mexico.

But this amount is lower than the corresponding imports in 2021, when they were 15.148 billion dollars.

Of Mexico’s total gasoline consumption, around 61% is imported, mainly from the United States. Other origins: the Netherlands, China, South Korea and Spain.

In Mexico, the reference price of gasoline in the fourth quarter of 2023 averaged US$97.8 per barrel, 12.6% lower than that observed in the same period of 2022. 

Gasoline in Mexico

Prices started the quarter under downward pressure from oil prices and the accumulation of inventories in the United States, which exceeded the levels of the last two years. 

The average annual gasoline price in Mexico during 2023 was US$110.8 per barrel, 14.2% lower than that observed in 2022.

United States

Gasoline is the largest volume refined product sold in the United States and accounts for nearly half of U.S. petroleum consumption. 

According to the United States Gasoline Fund, the gasoline futures contract listed and traded on the NYMEX is quoted in units of 42,000 gallons (1,000 barrels) and is based on delivery to petroleum product terminals in New York Harbor, the main East Coast trading hub for imports and domestic shipments from refineries in the New York Harbor area or from Gulf Coast refining centers. 

Gasoline prices have historically been volatile.

Diesel

In the fourth quarter of 2023, the average reference price of diesel in Mexico was US$118.5 per barrel, 21.7% lower than that observed in the same period of 2022. 

Prices showed a downward trend driven by oil prices and lower supply risks, while U.S. diesel demand was affected by weak data from the manufacturing and retail sectors. 

The average annual price in 2022 was 118.7 dollars per barrel, 21.1% lower than that observed in 2022.