Join on WhatsApp 
Join on Telegram Rabat – Morocco’s Competition Council has released its seventh quarterly monitoring report on the wholesale fuel market, in which it assessed how nine major distributors are delivering on commitments made under transaction agreements concluded with the regulator.
The document covers the second quarter of 2025 and offers a detailed reading of import trends, cost dynamics, pricing practices, storage capacities, and gross margins across the gasoil and gasoline segments.
The report is structured around three areas: the evolution of key market indicators; the relationship between international refined-product quotations, actual supply costs, and domestic selling prices; and the performance of the companies’ gross commercial margins between April and June.
Imports rise in volume but fall sharply in value
By the end of June 2025, 32 companies were licensed to import liquid petroleum products, the same number as in March.
The Moroccan market was supplied with nearly 1.72 million tons of gasoil and gasoline during the quarter, valued at approximately MAD 10.93 billion ($1.03 billion). Compared to the same period last year, this reflects a 4.2% increase in volume but a 22% decline in value, driven by lower international prices.
Gasoil continues to dominate the market, accounting for roughly 87% of total import volumes and 86% of import value. The nine companies under the Council’s monitoring represented about 81% of total volumes and 80% of value.
Their combined imports reached 1.38 million tons, slightly below last year’s level, while the overall value of their imports dropped by nearly 26.6%, from MAD 11.96 billion ($1.13 billion) to MAD 8.78 billion ($830 million).
Storage capacity remained unchanged from the previous quarter, standing at 1.57 million tons at the end of June. Gasoil constituted around 85% of this capacity. The nine companies covered by the report hold 1.27 million tons of storage, or about 81% of total national capacity.
New operators and moderate growth in sales
Two new distributors entered the market between March and June, bringing the total number of operators holding provisional refinery pickup permits to 38.
Sales by the nine monitored companies reached approximately 1.88 billion liters of gasoil and gasoline during the second quarter, a 3.8% rise compared to the same period last year. In value, however, revenues fell from MAD 19.81 billion ($1.87 billion) to MAD 17.27 billion ($1.63 billion), a drop of nearly 12.8%, largely reflecting lower average prices.
Gasoil accounted for about 85% of the volume sold and 82% of the value.
Fiscal revenues linked to these imports, excise taxes, and VAT, amounted to roughly MAD 7.17 billion ($676 million), a slight decline compared with 2024. The decrease stems from the lower import values, which reduced VAT collections in particular.
International prices, supply costs, and domestic selling prices
The Competition Council’s analysis confirms a general downward trend across three variables: international refined-product quotations, supply costs borne by operators, and the prices applied at the pump. The magnitude of these declines differed, however.
For gasoil, supply costs decreased by MAD 0.98 ($0.09) per liter, while selling prices fell by only MAD 0.47 ($0.04). For gasoline, selling prices declined by MAD 0.32 ($0.03) per liter compared to a MAD 0.61 ($0.06) drop in supply costs.
The Council notes that these gaps should be assessed in light of the first quarter’s movements, which showed a stronger reduction in selling prices than in supply costs.
The pattern, the report argues, is part of a broader compensatory cycle between periods of price increases and decreases, a trend already identified in the Council’s first monitoring report published in April 2024.
Margins remain close to last year’s levels
Gross commercial margins remained relatively stable. In the second quarter of 2025, margins reached MAD 1.17 ($0.11) per liter for gasoil and MAD 1.83 ($0.17) per liter for gasoline, levels similar to those recorded a year earlier.
According to the Council, the market data for the second quarter shows increased supply volumes, reduced import costs, stable storage capacity, and a modest expansion in distribution activity.
The findings also suggest that while pump prices followed international trends to some extent, the differences in the pace of adjustment continue to be monitored under the commitments binding the nine distributors.
