According to the Council, the 3rd quarter of 2024 was marked by an increase in the volume of total diesel and gasoline imports of 10.8%, to stand at nearly 1.70 million tonnes, and by a drop in the related value of around -9.75%, reaching MAD 14.03 billion year-on-year. The nine distribution companies covered by the reporting accounted for almost 84% of the volume and value of the total of these imports.
Tax revenue (TIC and VAT) relating to these imports amounted to nearly 7.21 billion dirhams for this 3rd quarter of 2024, compared to 6.76 billion dirhams a year earlier, an increase of 6.6 billion dirhams. % and +454 million dirhams in value. This improvement is driven by the increase in revenue from the Internal Consumption Tax (around +510 million dirhams), due to the increase in import volumes of these two fuels.
Concerning the evolution of diesel and gasoline storage capacities, it appears that the total capacity available at the end of September 2024 amounts to 1.56 million tonnes (88% relates to diesel), increasing by nearly by 4.2% compared to the level recorded at the end of the 2nd quarter of 2024. The combined storage capacity of the nine companies concerned by the reporting stands at nearly 1.27 million tonnes, or 81.7% of the total market capacity.
Regarding the distribution segment, the number of operators with provisional approval to take over liquid petroleum products from refineries to carry out the distribution activity is 35 operators, i.e. the same number observed at the end of June 2024 .
Total sales of diesel and gasoline reached nearly 2.33 billion liters for the 3rd quarter of 2024, up nearly 4.8% year-on-year. Sales made during this period by the nine companies concerned are of the order of 1.9 billion liters, or 82% of total market sales.
-In terms of correlation analysis between the variation of international quotations, purchase costs and transfer prices at the national level, it was noted that the market was characterized, during this 3rd quarter of year 2024, by a downward trend in these three variables, for the two fuels, with distinct levels of variation.
Precisely, the CIF quotations recorded, on the one hand, a drop similar to those of the purchasing costs for diesel and, on the other hand, a relatively higher drop of 33 cents per liter for the case of gasoline .
Also, operators have passed on all of the reductions in purchasing costs to their sale prices in the case of gasoline. However, in the case of diesel, the drop in sale prices was 27 cents per liter lower compared to that of purchase costs and international quotations.
In the end, and with regard to the levels of gross commercial margins, it emerges that, the operators achieved during the 3rd quarter of 2024 average gross margins of nearly 1.46 DH/L for diesel and 2 DH/L for gasoline. These levels, although relatively higher than the averages recorded in the 2nd quarter of this year (1.21 DH/L for diesel and 1.79 DH/L for gasoline), remain generally aligned with the proportions observed in the 1st half. of the year 2024, which stand at nearly 1.34 DH/L for diesel and around 1.93 DH/L for gasoline, which translates and confirms a compensation dynamic adopted by market operators and corresponds to a catch-up effect between periods of the year.
