ANCAP announced on March 19 that it closed the 2025 fiscal year with a profit of USD 72.5 million. The company reported a total operating result of USD 60 million, mainly driven by its fuel business, which contributed USD 84 million. Lubricants and natural gas added another USD 7 million, while the Portland segment recorded losses of USD 31 million.
The company also reported a gain of USD 8.5 million from its participation in related companies. Despite an increase in units sold, ANCAP’s revenues decreased, reflecting changes in the Import Parity Price (PPI).
ANCAP said that the cost of sales fell due to higher processing at the La Teja refinery, lower crude oil costs, and reduced imports of derivatives compared to 2024. In 2025, crude oil processing increased by 45 percent, although operations were affected by a shutdown between August and October caused by a malfunction in the oil buoy.
In the domestic market, there was growth in major fuels: gasoline sales rose by 3.7 percent and diesel by 1.6 percent. Total sales increased by 156 thousand cubic meters. The bunker market grew by 11 percent and sales to free trade zones also increased.
Gasoline volumes rose by 34.2 thousand cubic meters and diesel by 17.7 thousand cubic meters, driven by productive activity. However, sales of liquefied petroleum gas (supergás), propane, fuel oil, and asphalt declined.
Prices remained aligned with PPI throughout the year. Since July 2025, prices have been set based on URSEA reports with adjustments every two months. An additional adjustment of $1.5 per liter continues to finance subsidies for liquefied petroleum gas.
