In January 2020, the Fuels Institute published Mexico’s Energy Reform: Impact of Mexico’s Deregulation and Liberalization of the Fuels Market. That report analyzed the Mexican fuels and vehicles market and evaluated the demand for fuel as well as the status of Mexico’s fuel distribution and retail infrastructure. More than one year after President Andrés Manuel López Obrador was elected, market conditions and the outlook for the fuels market in Mexico have changed. As a signatory nation of the U.S.—Mexico—Canada Agreement (USMCA), the status of Mexico’s energy reform is of significant importance to the entire North American market. This white paper, written for the Fuels Institute by HCX (the author of the original 2020 report), provides an early 2021 update of the Mexican fuels and transportation market under the leadership of the new administration.