Ricardo Vega Serrador: Quintana Roo’s Fuel Empire Leader

Cancún, Quintana Roo — Businessman Ricardo Vega Serrador, known as the “Fuel Baron,” controls a vast network of gas stations and convenience stores in Quintana Roo, generating an estimated 120 million pesos ($6 million) in monthly profits from fuel sales alone. His empire, linked to Corpogas and Go Mart, continues expanding with political support, raising concerns over market monopolization.

A Gasoline Empire Backed by Political Ties

Vega Serrador, closely tied to the political family of Quintana Roo through his brother-in-law, former Governor Félix González Canto, has built his business through concessions, public contracts, and strategic control of urban services. His most lucrative venture remains fuel distribution, with plans to acquire additional concessions for new gas stations in the state.

According to the Public Commerce Registry, Vega Serrador owns 387 registered companies, 211 of which are based in Cancún and Playa del Carmen—Quintana Roo’s two most economically dynamic cities. This complex corporate web enables dominance across fuel distribution, retail, and related services.

Market Control and Expansion

Data from Mexico’s Energy Regulatory Commission (CRE) reveals Vega Serrador operates 108 of Quintana Roo’s 184 gas stations. By the end of 2024, he aims to add four more stations under the business entities Inmobiliaria Corales, Elite Ancha, Luna Real, and Inmobiliaria Macarela.

Walter Julián Ángel Jiménez and Luis Linares Zapata, CRE officials, warned of Vega Serrador’s market concentration, noting his repeated use of new corporate entities to secure additional fuel permits.

Estimates from Profeco, CRE, and Pemex indicate each of his stations earns between 1 million and 1.2 million pesos ($50,000–$60,000) monthly, totaling over 120 million pesos ($6 million) in gross profits. His convenience chain, Go Mart—founded in the early 2000s—operates 100 stores attached to gas stations, adding another 4 million pesos ($200,000) monthly.

Political Protection and Lack of Transparency

Vega Serrador’s expansion relies on political connections, including support from senators facilitating concession approvals. Despite his wealth—rivaling municipal budgets—he maintains a low public profile, avoiding rankings, financial disclosures, and media scrutiny.

Critics argue his monopoly thrives on closed franchising, politically aligned concessions, and legal opacity. With 387 companies and growing influence, Vega Serrador exemplifies the unchecked power of politically backed fuel monopolies in Mexico.