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Another proposed reform to the Hydrocarbons Law has gone through a hasty legislative process. On April 29, 2021, the Mexican Senate approved a reform bill ending the powers of the Energy Regulatory Commission (“CRE”) to enforce asymmetric regulation in the hydrocarbon, petroleum products and petrochemical markets (the “draft amendment”).
Currently, the Hydrocarbons Law grants broad powers to CRE to regulate the terms and conditions of the activities of the hydrocarbons sector, but this general power is limited with respect to the regulation of prices and tariffs since these should be dictated by the market. Article 82 of the Hydrocarbons Law provides that, unless the Federal Economic Competition Commission (“COFECE”) rules that there are conditions of effective competition in the market, price regulations must consider the opportunity cost and the conditions of competitiveness in the international market.