Morocco recorded an 11% uptick in diesel and petrol imports in the second quarter of 2024, to reach nearly 1.65 million tons year-on-year, according to a report from the Competition Council.
The rise came with an increase of 15.93% in the value of imports, totaling MAD 14.03 billion. Nine major fuel distributors controlled nearly 85% of the country’s total fuel intake.
Global market prices for both diesel and gasoline declined during the second quarter, affecting Morocco’s purchase prices to a lesser extent.
The Cost, Insurance, and Freight (CIF) rates for diesel and gasoline dropped more sharply than the purchase costs.
Distributors registered a difference of around MAD 0.27 per liter for diesel and MAD 0.66 per liter for gasoline, with lower international prices having a moderate impact on Moroccan operators’ purchasing costs.
The national average selling price for diesel fell by around MAD 0.66 per liter, while the price of gasoline decreased by MAD 0.33 per liter. The price adjustments aligned closely with the reductions in average purchase costs, which were -0.71 MAD/L for diesel and -0.21 MAD/L for gasoline.
However, the decline in wholesale prices ave slightly reduced operators’ gross margins. In Q2, diesel margins averaged MAD 1.21 per liter, and gasoline margins averaged MAD 1.79 per liter, both below the Q1 averages of MAD 1.46/L and MAD 2.07/L, respectively.