Mexico’s Pemex fined $20 million for anti-competitive fuel practices

6/12/2017 Reuters

pemexMexico’s antitrust watchdog has fined a division of state-owned oil company Pemex [PEMX.UL] for failing to establish a competitive fuel market, the agency said on Monday.

Pemex’s Industrial Transformation unit, responsible for a range of refining and transport activities, was fined nearly 369 million pesos ($20.3 million) for the “possible commission of a monopolistic practice … in the diesel market.”

According to a statement from the Federal Economic Competition Commission (Cofece), the Pemex unit has not complied with its obligations following a 2014 energy reform to refrain from offering discretional benefits for selected buyers and not arbitrarily suspend some sales and marketing contracts.

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