Pemex’s fuel retail brand marks two-year growth
By the end of Andrés Manuel López Obrador's tenure as president of Mexico, the state-owned company reported 7,266 service stations operating under the franchise.
Petróleos Mexicanos, the state oil company known as Pemex, has seen two consecutive years of growth in its service station brand during the second quarter of 2024.
As of June 30th this year, the company reported 7,266 gas stations operating under the franchise, representing a 2.6% increase compared to last year, according to its latest financial report. A total of 7,221 locations are currently licensed while 45 are owned by the Pemex subsidiary Pemex Transformación Industrial.
"We have recorded 23 consecutive months of growth, with 453 new locations added to the commercial model," stated Octavio Romero Oropeza, Pemex's General Director, during his message to analysts regarding the company's latest financial results.
The company also reported that 1,133 sites operate under the brand sublicensing scheme, while 4,152 operate under brands other than Pemex, supplied by both the Mexican oil company and direct imports.
A total of 52 new Pemex-branded gas stations were inaugurated between April and June.
The opening of the fuel market to private investment brought in new players like bp, Exxon, and Valero, but the changes were mostly in branding, as the state-owned company remained the primary supplier of gasoline and diesel. Its market share has grown during the presidency of Andrés Manuel López Obrador.
As of May 2024, Pemex holds 86% of the gasoline market, 81% of the diesel market, 100% of the jet fuel market, and 58% of the LP Gas market, as Bloomberg reported.
