Regular and premium gasoline prices in Mexico 2017-2023, by type

The average price of regular gasoline in Mexico reached 22.1 Mexican pesos per liter as of November 2023, up from more than 21.5 pesos per liter in the previous year. For premium gasoline, average prices increased from 23.7 pesos to 24.3 pesos per liter in the same period.

What defines the price of gasoline in Mexico?

The North American country is highly dependent on gasoline imports in order to meet its demand. Since 2016, gasoline imports by Pemex – Mexico’s national oil corporation – have averaged at more than 300 thousand barrels per day in a regular year. With the government’s control put to an end in late 2017, prices are since controlled by the market, and in turn strongly affected by global oil prices. Nevertheless, other factors come into play, such as import tariffs, or transport and logistics costs. In fact, prices also vary across Mexico. In 2023, Guerrero was the state with the highest average gasoline price, while Tamaulipas reported the lowest figure.

How does Mexico compare with the rest of Latin America?

At an average of 1.4 U.S. dollars per liter, Mexico had one of the highest prices in the region as of June 2023. This figure was above the average gasoline price reported in Latin America at the time. The country's gasoline purchasing power decreased in recent years. In 2023, the average Mexican salary could afford approximately 499 liters of gasoline.