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MEXICO CITY, May 2 (Reuters) - Profits at Mexico's state oil monopoly Pemex jumped more than 20-fold to 33.9 billion Mexican pesos ($2.65 billion) in the first quarter from the same period a year ago, helped by higher oil prices.

* State-oil giant usually operates at a loss

* Higher oil prices offset fall in exports

* Government returns 50 bln pesos from gas subsidy

Prices for Mexican crude rose 20.6 percent to an average of $111.10 per barrel for the quarter, helping boost revenues 16.6 percent to 411.3 billion pesos even as exports fell 10 percent.

Pemex, which usually operates at a loss due to a heavy tax burden, said the finance ministry returned around 50 billion pesos withheld through a government gas subsidy to consumers known as the special tax on production and services, or IEPS.

The company still paid 246.5 billion pesos in taxes overall in the quarter, 23.6 percent more compared to a year ago.

Mexico's government relies heavily on oil revenues which fund around a third of the federal budget.

Mexico is the world's No. 7 oil producer and a major exporter to the United States but has to import nearly half of its gasoline due to a lack of domestic refining capacity.

The company said that average oil production reached 2.537 million barrels per day for the quarter.

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