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Mexico's planned oil changes could hurt competition, antitrust body says

04/12/2021 | 03:26pm EDT

MEXICO CITY, April 12 (Reuters) - Some terms of a Mexican proposal sent last month to Congress to change hydrocarbons legislation would affect competition in the industry and raise prices for consumers, Mexico's federal economic competition commission said on Monday.

In a statement, the anti-trust watchdog, known as COFECE, also said that if the initiative is approved, it would generate legal uncertainty in the industry and distort the system of oil permits.

The watchdog also criticized part of the legislation that would modify the country's hydrocarbons law to allow suspensions of permits, saying that could violate companies' rights.

The proposed legislation is part of leftist President Andres Manuel Lopez Obrador's efforts to strengthen state control of the energy market at the expense of private capital.

He argues previous administrations skewed the market in favor of business interests and were intent on carving up national oil firm Petroleos Mexicanos (Pemex) and power utility the Comision Federal de Electricidad (CFE).

COFECE has also criticized previous legislative initiatives on energy put forward by the Lopez Obrador administration. (Reporting by Adriana Barrera, Dave Graham and Ana Isabel Martinez; writing by Laura Gottesdiener; Editing by Dan Grebler)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -1.89% 67.58 Delayed Quote.32.80%
WTI -2.01% 64.33 Delayed Quote.35.96%
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