In the second quarter of 2024, the nine companies that control the wholesale hydrocarbon distribution market in Morocco imported 1.31 million tonnes (MT) of fuels for 11.96 billion dirhams (MMDH), or 85% of the volume and of the value of all national imports. The volume of these imports increased by 6.8% compared to the same period of 2023. Their value in turn increased by 12% year-on-year, indicates the Competition Council in its third reporting relating to the monitoring of commitments taken by the companies in question as part of the transactional agreements concluded with the institution chaired by Ahmed Rahhou.
On the other hand, sales of diesel and gasoline made by these tankers fell slightly by 2.1% year-on-year, standing at 1.73 billion liters, including 1.47 billion liters of diesel, i.e. more than 85%. Despite this drop in volumes sold, the turnover of the nine companies increased, reaching MAD 18.94 billion compared to MAD 18.44 billion in the same quarter a year earlier.
Regarding the gross margins generated by these operators, they recorded a decrease compared to the previous half-year. According to data from the Competition Council, the oil companies concerned have achieved margins of nearly 1.21 DH/L for diesel and 1.79 DH/L for gasoline over the last three months. “ These levels remain relatively below the averages observed in the first quarter of the year, which amounted to 1.46 DH/L for diesel and 2.07 DH/L for gasoline, a difference of 25 cents and 28 cents respectively », underlines the Council.
Evolution of margins achieved by the nine oil companies monitored by the Competition Council. Infographic: Mohammed Mhannaoui / Le Desk
Fewer reductions reflected in prices at the pump
During the second quarter of 2024, although some differences in the levels of variations were noted, the market was generally marked by downward trends in both international CIF (Cost, Insurance, and Freight) quotes, purchase costs by the distributors concerned and transfer prices to service stations at the national level, reports the Competition Council.
According to the report's data, CIF quotes recorded relatively greater declines than purchasing costs. The drop in CIF international quotations was only felt “ partially on the purchasing costs of the operators concerned » notes the same source, highlighting a difference of 0.27 DH/L for diesel and 0.66 DH/L for gasoline.
However, ” operators passed on almost all of the reductions in purchasing costs to their transfer prices applied at national level », Indicates the same source. The average variation in transfer prices was thus around -0.66 DH/L for diesel and -0.33 DH/L for gasoline, “ levels of reductions almost similar to those observed in the purchasing costs of the distribution companies concerned, i.e. -0.71 DH/L for diesel and -0.21 DH/L for gasoline », Comments the council of Rahhou.
At the pump, however, this was not the case. Data analysis of 2th quarter by the Competition Council shows that the trends of downward variations in CIF quotations were “ relatively more important » in relation to sales prices to end consumers. Indeed, for diesel, the sum of variations in CIF quotations for all fortnights of this quarter showed a drop of 0.98 DH/L, while the selling price at the pump saw a decrease of around 0. ,64DH/L, details the same source.
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