The results of the state oil monopoly in Mexico under the Morena governments, according to data provided by Pemex, have shown historic losses. In 2024, it reported a loss of more than 620 billion pesos, one of the highest in its history, and its current debt amounts to 1.9 trillion pesos.
Regarding taxes, in 2024 Pemex paid 30 percent less compared to previous years. In 2018, the government absorbed 57 percent of Pemex's revenues, while in 2024 this figure was reduced to 14 percent.
Pemex's losses, like those of other state-owned companies, involve a transfer of money to friendly contractors or relatives of high officials who sell their products at inflated prices or in excessive quantities. It has been evidenced that the monopoly is a significant source of corruption, benefiting individuals close to high officials.
The importation of gasoline by Pemex from different countries such as the US, China, Singapore, Colombia, and Japan reveals the need to address gasoline shortages in Mexico. This foreign dependence contradicts the supposed oil independence sought.
Considering the financial situation, Pemex is in a significant crisis, with debts surpassing its assets. Government subsidies to the company are projected to reach 136 billion pesos in 2025, coming from taxes.
In summary, the data shows that the state oil monopoly in Mexico has generated significant losses, resulting from corruption, lack of efficiency, and indebtedness. The proposal to privatize Pemex as a solution is posed as an alternative to combat these problems and improve oil management in the country.
