Fuel companies did not fully pass recent international price reductions to consumers, retaining part of the margin for themselves, according to a new report from Morocco’s Competition Council.
According to the report tracking companies’ commitments in the second quarter of 2025, the cost of diesel on the international market fell by MAD 0.98 per liter. At the same time, the price at the pump decreased by MAD 0.47 per liter.
Similarly, gasoline costs dropped by MAD 0.61 per liter internationally, while the pump price fell by MAD 0.32 per liter. In both cases, companies retained roughly half of the reduction.
The per-liter amounts become substantial when multiplied by the large volumes sold. During the second quarter, fuel companies sold around 1.88 billion liters. This corresponds to additional gains of more than MAD 898 million: about 815 million from diesel sales and 83 million from gasoline.
The Competition Council explained that retaining part of the price decrease reflects a broader market dynamic: during periods of rising prices, companies often adjust margins differently, and the second quarter results indicate a similar compensation pattern.
The report also shows that overall profit margins increased, averaging MAD 1.17 per liter for diesel and MAD 1.83 per liter for gasoline.
Meanwhile, state tax revenues from fuel imports fell, despite higher sales volumes, due to lower international prices.
Fuel station networks dominated the market, accounting for around 72% of total sales. The number of stations grew from 3,573 in March to 3,617 by mid-June, with the nine main networks operating 2,562 stations.
Storage capacity across the country reached 1.57 million tons by mid-June, with diesel making up 85% of this capacity. The nine key networks alone controlled 1.27 million tons of storage.
International fuel prices, based on refined products in markets such as Amsterdam, Rotterdam, and Antwerp, guide local pump prices. These prices include shipping and insurance to Moroccan ports.
The report says that while international prices provide a reference, they do not always reflect the actual costs for each distributor, which can vary depending on contracts, logistics, and inventory strategies.
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