Editor’s Note: NGI’s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, is offering the following column by Eduardo Prud’homme as part of a regular series on understanding this process.

As Mexico prepares for its pivotal elections in June, energy policy has acquired a special place in public discourse. In the second debate held late last month, the three presidential candidates mentioned topics like energy transition, infrastructure, and the future of state oil firm Petróleos Mexicanos (Pemex) without clearly depicting the policy they intend to implement should they win. Despite an intense reliance on natural gas, no candidate mentioned the fuel.

President López Obrador’s government has focused investment on building a refinery, Dos Bocas. The...