Financing fuel imports

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Mexico Trade Corridor · Corridor guide · D. Mexican importers buying from the US

Gasoline and diesel are Mexico's largest import from the US, and each tanker cargo is a large single purchase. This guide covers what is specific to financing that cargo in Mexico: the permits a lender checks, where cash is tied up and the risks priced into the deal.

Published October 23, 2026 · Facts as of October 23, 2026 · 10 min read · Sources listed at the end · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

US$23.1bnMexico's refined fuel imports from the US in 2025, as reported by Mexico. US data shows US$27.5bn ¹

68Hydrocarbon products that may enter only through designated customs points, with proof of need (decree of Oct 23, 2023) ⁸

WeeklyHow often SHCP resets the excise tax (IEPS) subsidy on fuel. Diesel IEPS payable was zero for Oct 17 to 23, 2026 ⁷

102Complaints filed by the tax prosecutor since April 2023, as reported in coverage of the fuel smuggling crackdown in Oct 2025 ⁶

What is it?

Fuel import finance pays for a cargo of US gasoline or diesel, the taxes due at the border and the stock held until buyers pay. Importers need a permit from Mexico's energy ministry, SENER, and must report the origin and destination of the fuel ^2,3. Mexico reported US$23.1 billion of refined fuel imports from the US in 2025 ¹.

Why does it matter?

A tanker cargo is a large single exposure for a lender. The excise tax payable changes each week, and customs controls on fuel have tightened ^6,7. Pemex and a small group of majors have held most imports since 2021, while newer private importers hold shorter permits and smaller volumes ⁴.

How does it work?

As general practice, cargoes between unrelated parties are paid by letter of credit or documentary collection, and the importer repays its financier from sales to stations and industry. Before it funds, a lender checks the permit, the customs declaration and the shipping documents.

In this guide

1. Who imports fuel into Mexico, and what is changing?
2. What must be in place before a lender funds a cargo?
3. How does a financed fuel cargo move from the US to Mexico?
4. Where is cash tied up, and which finance fits?
5. Which risks do lenders price into a fuel deal?
6. What should fuel importers and lenders watch next?

01Who imports fuel into Mexico, and what is changing?

Private companies have imported fuel into Mexico since 2016 ¹⁰. Since 2021, most imports have been controlled by Pemex, the state oil company, and a small group of majors. Argus names ExxonMobil, Valero, Shell, Marathon, Koch and BP among the importers, along with smaller marketers such as Grupo Simsa ^4,10.

Permits differ by holder. BP's reinstated gasoline and diesel permits run to 2036 ⁴. Argus reports that newer permits for smaller importers are generally shorter and smaller than those of the majors. Simsa imports about two medium-range tankers a month from the US Gulf Coast ⁴. SENER cancelled dozens of permits in 2022, so a lender reads the permit as carefully as the cargo ¹⁰.

Demand for imports is falling. Pemex refined fuel imports were down 22% from January to October 2025 as its refineries ran harder ⁵, and the Olmeca refinery at Dos Bocas has started to cut into US fuel exports ¹¹. Our refined fuels brief has the trade data from both sides, and the natural gas and LPG brief covers pipeline gas and LPG.

Compare

Who imports fuel, and what a lender looks at

Importer types named by Argus ^4,10. The lender column is general practice: no public source sets terms for Mexican fuel cargoes.

Importer	Examples	What a lender looks at
Pemex	State oil company, the largest refiner and an importer 4	Trades with majors on open account under credit limits, as general practice
Majors	ExxonMobil, Valero, Shell, Marathon, Koch, BP 4,10	Long permits, such as BP's to 2036 4; open account under credit limits is common practice
Smaller private importers	Grupo Simsa and other marketers; new permits for Alveg, Petrotal and L.E. International reported in 2026 4,10	Shorter permits and smaller volumes 4; may be asked for a standby letter of credit, parent guarantee or credit insurance

02What must be in place before a lender funds a cargo?

Three legal gates decide whether a fuel cargo can enter Mexico, and a lender checks each one. First, the importer needs a SENER import permit under the Hydrocarbons Sector Law, published in the official gazette (DOF) on March 18, 2025 ^3,12. Second, since the law's regulation took effect on October 4, 2025, permit holders must report the origin and destination of the fuel to SENER ². Third, 68 hydrocarbon products on a restricted list may enter only through designated customs points, and the importer must show proof of need, under a decree of October 23, 2023 ⁸.

The customs declaration, the pedimento, must carry the correct HS 2710 tariff line ⁸. Our guide to customs brokers and the pedimento explains the filing. As general practice, the lender also asks for the shipping documents: the bill of lading, the commercial invoice, an independent quality and quantity inspection certificate and the insurance certificate.

Lenders read these documents closely because fuel declared under the wrong code can be seized. In March 2025, about 10 million liters declared as petrochemicals were seized at Tampico, and 14 people were detained in September 2025 ⁶. A cargo that is seized can no longer repay the loan it secures.

Checklist

Before a fuel cargo is financed

• SENER import permitValid for the product and for the period of the deal. Check the expiry date ^3,4.
• Traceability reportsOrigin and destination of the fuel reported to SENER, as required since October 4, 2025 ².
• Restricted-list rulesFor listed products, entry through a designated customs point and proof of need ⁸.
• Correct tariff lineThe pedimento declares the fuel under the right HS 2710 line ⁸.
• Shipping documentsBill of lading, commercial invoice, inspection certificate and insurance certificate, as general practice.

The permit and filing checks come from the sources cited. The document list is general practice; each lender sets its own conditions.

Since October 4, 2025, holders of fuel import permits must report the origin and destination of each cargo to SENER.

03How does a financed fuel cargo move from the US to Mexico?

Fuel from refineries on the US Gulf Coast usually travels by tanker to ports on Mexico's east coast. Fuel from the US West Coast moves mostly by truck and rail ⁹. Our guide to border crossings covers the ports and rail lines.

The steps below show where the permit, the taxes and the finance meet. The importer pays excise tax (IEPS) and VAT at customs before it can resell. The finance ministry, SHCP, sets a subsidy each week that reduces the IEPS payable, so the tax on a cargo can change between the order and the sale ⁷. In the week of October 17 to 23, 2026, diesel IEPS payable was zero, with the full subsidy maintained ⁷. Our guide to landed cost explains how import VAT is calculated.

1. Permit in placeThe importer holds a SENER permit and, for listed products, proof of need ^3,8.
2. Cargo boughtA US refiner or trader sells the cargo. As general practice, payment is by letter of credit, collection or open account.
3. Cargo shippedBy tanker from the Gulf Coast, or by truck and rail from the West Coast ⁹.
4. Customs and taxesThe broker declares the HS 2710 line, at a designated point where required, and IEPS and VAT are paid ^7,8.
5. Resale and repaymentThe importer sells to stations or industry and repays the financier, as general practice.

04Where is cash tied up, and which finance fits?

Cash is tied up at four points: paying for the cargo, paying IEPS and VAT at customs, carrying stock in a terminal, and waiting for stations and industrial buyers to pay. This order is general practice. We found no public source on the payment terms used for Mexican fuel cargoes.

As general practice, cargoes between unrelated parties are paid by letter of credit or by documentary collection against the bill of lading. Majors that trade with Pemex or with each other often use open account under credit limits. Smaller importers hold shorter permits and smaller volumes ⁴, so lenders may ask them for a standby letter of credit, a parent guarantee or credit insurance.

Fuel held in a terminal before resale can secure inventory finance. A trader that moves many cargoes can use structured commodity finance, repaid from the sale of the fuel. The Trade Finance Guide explains how energy trade is financed and who holds title to a cargo in transit. If the importer earns pesos, our guide to paying in dollars and earning in pesos covers the currency risk.

Where the cash goes

From cargo payment to repayment

1. After loading
   Cargo paidThe importer, or its bank under a letter of credit, pays the US seller.
2. At customs
   IEPS and VAT paidTaxes are due before release. The IEPS payable depends on that week's subsidy ⁷.
3. In storage
   Stock in a terminalFuel waits in a terminal until it is sold.
4. After resale
   Buyers payStations and industrial buyers pay on their own terms.
5. Settlement
   Financier repaidSale proceeds repay the cargo finance.

The order of cash needs is general practice. No public source gives days or terms for Mexican fuel cargoes.

Paying for a cargoSight letter of credit

The importer's bank pays the US seller when the documents comply.

Smaller importerStandby letter of credit

Backs the importer's payment if it fails to pay on open terms.

Fuel in a terminalInventory finance

A lender funds stock held before resale, with the fuel as security.

Many cargoes a yearStructured commodity finance

Funding repaid from the sale of the fuel, with controls on title and proceeds.

05Which risks do lenders price into a fuel deal?

Five risks come up again and again in Mexican fuel deals.

• Permit risk: SENER cancelled dozens of import permits in 2022 ¹⁰.
• Seizure risk: a cargo declared under the wrong tariff code can be seized, as the Tampico case shows ⁶.
• Tax cost risk: the IEPS subsidy changes each week, so the tax on a cargo can change between order and sale ⁷.
• Demand risk: Pemex is refining more at home, and its fuel imports fell in 2025 ^5,11.
• Concentration risk: most imports sit with Pemex and a small group of majors ⁴.

Controls are tightening. Mexico's finance ministry expected record customs revenue from the fight against fuel tax smuggling, known as huachicol fiscal; revenue was up 22% in real terms in 2025 to October 1 ⁶. As general practice, lenders limit price risk with short credit periods, price-linked contract clauses and hedging with futures. Our guide to what lenders ask Mexican companies for covers the wider credit file.

06What should fuel importers and lenders watch next?

The pace of Pemex refining will set import demand ^5,11. New permits, and any cancellations, will change who imports ^4,10. USMCA stays in force after the July 1, 2026 joint review, with annual reviews to follow ¹³. The live list of rules is on our corridor watch page.

• WeeklySHCP resets the IEPS subsidy on gasoline and diesel. Diesel IEPS payable was zero for October 17 to 23, 2026 ⁷.
• Through 2026Output at the Olmeca refinery at Dos Bocas, which is cutting into US fuel exports ¹¹.
• Jul 1, 2026First USMCA joint review. The US did not agree to renew the agreement in its current form; annual reviews follow ¹³.
• May 26, 2026Argus reports a larger pool of private fuel importers, with new permits running to 2036 and 2045 ⁴.
• Oct 4, 2025The Hydrocarbons Sector Law regulation took effect, with origin and destination reporting to SENER ².

Questions traders ask

Who can import fuel into Mexico?

Pemex and private companies that hold an import permit from Mexico's energy ministry, SENER. Private imports began in 2016. Permit holders must report the origin and destination of the fuel to SENER, and products on a restricted list may enter only through designated customs points, with proof of need.

How are US fuel cargoes to Mexico usually paid?

No public source sets out the terms. As general practice, cargoes between unrelated parties are paid by letter of credit or documentary collection against the bill of lading. Large companies that trade often with each other use open account under credit limits.

What do lenders check before funding a fuel cargo?

The SENER permit and its expiry date, the traceability reports, proof of need and the customs point for restricted products, and the tariff line on the customs declaration. As general practice they also ask for the bill of lading, commercial invoice, inspection certificate and insurance certificate.

Why does the excise tax matter for a fuel importer's cash needs?

The importer pays IEPS and VAT at customs before it can sell the fuel. The finance ministry resets the IEPS subsidy each week, so the tax on a cargo can change between the order and the sale.

What is huachicol fiscal, and why do lenders care?

It is the Mexican term for fuel declared under another tariff code, such as petrochemicals, to avoid excise tax. Authorities have seized cargoes declared this way, so a lender that funds a wrongly declared cargo can lose its security.

Read next

• Product briefRefined fuels: Mexico's largest import from the US, and why it is falling
• Product briefNatural gas and LPG: how US gas reaches Mexico's power plants and homes
• Corridor guideCustoms brokers and the customs declaration (pedimento)
• Corridor guidePaying in dollars, earning in pesos
• Corridor guideLanded cost: import VAT, duties and fees
• Corridor guideWhat lenders ask Mexican companies for
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Financing fuel imports between Mexico and the US? Ossiano Capital works on trade finance in this corridor.

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Sources and notes

1. UN Comtrade, annual trade data 2020 to 2025, HS 2710, Mexico and the US as reporters. Downloaded October 2026; 2025 figures may be revised. https://comtradeplus.un.org/
2. Pérez-Llorca, Entrada en vigor del Reglamento de la Ley del Sector Hidrocarburos, October 2025. https://www.perezllorca.com/wp-content/uploads/2025/10/Nota-Juridica-Entrada-en-vigor-del-Reglamento-de-la-Ley-del-Sector-Hidrocarburos.pdf
3. Greenberg Traurig, Reformas al sector de hidrocarburos, parte I, February 2025. https://www.gtlaw.com/ar/insights/2025/2/reformas-al-sector-de-hidrocarburos-parte-i
4. Argus, Mexico private fuel importer pool expands, May 26, 2026. https://www.argusmedia.com/en/news-and-insights/latest-market-news/2831678-mexico-private-fuel-importer-pool-expands
5. Argus, Viewpoint: Pemex fuel imports likely lower in 2026, December 31, 2025 (Pemex data to October 2025). https://www.argusmedia.com/en/news-and-insights/latest-market-news/2771052-viewpoint-pemex-fuel-imports-likely-lower-in-2026
6. Bloomberg Línea, Combate al huachicol fiscal dará recaudación récord en aduanas de México, estima Hacienda, October 1, 2025. https://www.bloomberglinea.com/latinoamerica/mexico/combate-al-huachicol-fiscal-dara-recaudacion-record-en-aduanas-de-mexico-estima-hacienda/
7. El Imparcial, Hacienda sube el estímulo fiscal a la gasolina y deja en cero el IEPS del diésel del 17 al 23 de octubre, October 17, 2026 (SHCP figures). https://www.elimparcial.com/dinero/2026/10/17/hacienda-sube-el-estimulo-fiscal-a-la-gasolina-y-deja-en-cero-el-ieps-del-diesel-del-17-al-23-de-octubre-lo-que-absorbera-hasta-485-pesos-por-tanque-en-mexico/
8. Factor Energético, SENER restringe importación de 68 productos derivados de hidrocarburos, October 26, 2023 (DOF decree of October 23, 2023). https://factorenergetico.mx/sener-restringe-importacion-de-68-productos-derivados-de-hidrocarburos
9. OPIS, US West Coast diesel exports to Mexico drop 41% in 2025, March 16, 2026. https://www.opis.com/?p=41026
10. Argus, Mexico grants new fuel import permits, 2026 (publication date unclear). https://www.argusmedia.com/en/news-and-insights/latest-market-news/2786731-mexico-grants-new-fuel-import-permits
11. Tank Terminals, citing Bloomberg, Mexico's Dos Bocas refinery starts biting into US fuel exports, January 30, 2026. https://tankterminals.com/news/mexicos-dos-bocas-refinery-starts-biting-into-u-s-fuel-exports/
12. Cámara de Diputados, Ley del Sector Hidrocarburos, reform history (DOF March 18, 2025), accessed October 23, 2026. https://www.diputados.gob.mx/LeyesBiblio/ref/lsh.htm
13. White & Case, USMCA 2026 joint review: United States declines to extend agreement, July 2, 2026. https://www.whitecase.com/insight-alert/usmca-2026-joint-review-united-states-declines-extend-agreement-triggering-annual

All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

About this guide. Prepared for Ossiano Capital. People planned, researched, wrote and checked this guide, using AI tools to help with research and checking. You are welcome to quote or reuse it: please credit Ossiano Capital and link to this page.