Spanish oil group Repsol plans to invest MXN8bn (US$430m) to open 200 fuel stations in Mexico in 2018 and another 200 per year until reaching a market share of up to 10% in five years.
Repsol aims to take advantage of the liberalisation of the Mexican retail fuel sector and of gasoline prices. The country reformed its energy sector in 2013, ending the monopoly of state-owned oil firm Pemex and allowing private companies to brand service stations and sell imported fuels as well as non-Pemex brand fuels. Mexico is the second largest economy of Latin America and one of the largest gasoline consumers worldwide. In 2017, it was the largest importer of US gasoline.
Other major oil groups have decided to enter the Mexican retail market, such as BP (first retail fuel site in Mexico City in March 2017), Royal Dutch Shell, Exxon Mobil, Chevron, Glencore and Total.