LatinNews Daily - 28 February 2025

*Mexico’s state oil company Pemex has released financial results for the fourth quarter of 2024, reporting a net loss of M$190.5bn (US$9.1bn), according to figures widely cited in the local and international press. This marks the third consecutive quarter of net losses, following a loss of M$161bn in the third quarter and of M$255.9bn in the second quarter. Pemex stated that total sales in 2024 were down 2.6% on 2023 while the cost of sales grew by 4.4%. Pemex’s debt stood at US$97.6bn at the end of 2024, US$8.4bn less than at the end of 2023. The company noted it is currently working in coordination with the energy and finance ministries on “a comprehensive financial strategy” to improve its financial position. The results come as yesterday President Claudia Sheinbaum announced the signing of a “historic agreement” with gas stations to set the price of gasoline at M$24 per litre.