Market Dynamics in Morocco's Fuel Sector
The latest report from the Competition Council highlights significant transformations within the wholesale distribution of diesel and gasoline in Morocco. As we look ahead to 2025, it becomes evident that while the volumes of imported and sold fuels are on the rise, the overall market value is experiencing a decline. In the fourth quarter, the selling prices have decreased more sharply than the quotations for gasoline, despite an increase in costs for diesel. However, throughout the year, the financial indicators for the nine monitored operators have remained relatively stable, indicating a complex yet resilient market landscape.
This report, which traditionally tracked the quarterly changes in international pricing, purchasing costs, selling prices, and gross margins, has expanded its analysis to encompass the annual financial profitability of the nine companies involved. The year 2025 emerges as a mixed one, characterized by growth in both import and distribution volumes, juxtaposed with a drop in sales and import values due to a relative easing of international refined product prices.
Sales Growth Amidst Declining Values
In terms of supply, the customs-cleared imports of diesel and gasoline reached nearly 6.9 million tons in 2025, a 6.7% increase from approximately 6.5 million tons in the previous year. This growth in volume is, however, accompanied by a significant decline in the import value, which fell from 51.82 billion MAD in 2024 to 47.1 billion MAD in 2025, marking a decrease of 9.1%. The fourth quarter reinforces this trend, with imports totaling 1.69 million tons, reflecting a slight increase of 0.6%, while their value decreased by 4.8% to 11.45 billion MAD. Diesel continues to dominate the fuel market, accounting for 88% of imports in both volume and value.
The report also reveals structural changes within the market. The share of the nine companies in total market imports declined from 84.4% in 2024 to 81.7% in 2025, indicating a gradual redistribution of market share to other operators, who gained 2.7 percentage points. Fiscal revenues related to diesel and gasoline imports remained stable, reaching 28.45 billion MAD in 2025, slightly down from 28.55 billion MAD in 2024. The domestic consumption tax remains the primary revenue source, contributing 21.16 billion MAD, while the value-added tax on imports saw a slight increase to 7.29 billion MAD. Moreover, the sector's infrastructure remains largely stable, with national storage capacity for diesel and gasoline reaching 1.57 million tons by the end of 2025, reflecting a modest increase of 0.5%. The nine companies covered by the report control approximately 1.27 million tons, or about 81% of national storage capacity, unchanged from 2024.
On the distribution front, the volume dynamics remain positive. The fuel sales conducted by the nine operators reached around 7.45 billion liters in 2025, up from 7.32 billion liters in 2024. In terms of value, however, revenue decreased to 70.4 billion MAD from 77.3 billion MAD a year earlier, representing an 8.9% decline. In the fourth quarter, revenue fell from 18.4 billion MAD to 17.7 billion MAD, a 3.7% decrease. The network of service stations continues to expand, with the total number of stations operating in the market rising from 3,534 at the end of 2024 to 3,742 by the end of 2025, adding 208 new stations. The nine companies operate 2,579 stations, accounting for 68.9% of the national network, while the majority of the growth is attributed to other operators, who added 164 new stations and increased their share of the national network from 28.3% to 31.1%.
As reported by leseco.ma.
