The Federal Competition Commission (Comisión Federal de Competencia Económica) ( “COFECE” or the “Commission”) issued a non-binding opinion by means of which it declared that the competition process in gasoline and diesel markets is currently affected by different governmental authorities of the Mexican State, mainly for the benefit of the Economic Agent with substantial market power, namely Petróleos Mexicanos (“PEMEX”). To substantiate the foregoing, the Commission describes the inadequate, and potentially discriminatory application of regulation by the Ministry of Energy (Secretaría de Energía) (“SENER”), the Ministry of Economy (Secretaría de Economía) (“SE”), the Energy Regulatory Commission (Comisión Reguladora de Energía (“CRE”), and the National Commission of Regulatory Enhancement (Comisión Nacional de Mejora Regulatoria) (“CONAMER”), against the participants, or potential participants, of such markets.

Consequently, COFECE recommends such authorities to modify their application of relevant regulation for purposes of protecting the competition process and avoid harming consumers in the referred relevant
markets.