June 12, 2017 / 11:30 PM / a month ago

UPDATE 1-Mexico's Pemex fined $20 mln for anti-competitive fuel practices

2 Min Read

(Adds Pemex comment)

MEXICO CITY, June 12 (Reuters) - Mexico's antitrust watchdog has fined a division of state-owned oil company Pemex 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.

The Cofece decision can be challenged by Pemex within 15 days of being notified of the fine.

Pemex, which has 15 work days to challenge the ruling, said it respected Cofece's decision, but said it was incomplete and would fight it once it had conducted a full analysis of the resolution.

$1 = 18.1430 pesos Reporting by David Alire Garcia and Adriana Barrera; Editing by Dan Grebler and Lisa Shumaker

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