Overview of Distributor Margins
During the third quarter of 2025, the nine companies included in the reporting achieved a weighted average gross margin of 1.48 DH/L for diesel and 2.1 DH/L for gasoline. These figures are consistent with those recorded in the same period of 2024, where margins were 1.46 DH/L for diesel and 2 DH/L for gasoline.
Trends in Diesel Margins
The gross margins for diesel exhibited a declining trend throughout the quarter. Starting at 1.61 DH/L in the first half of July, the margin decreased to 1.32 DH/L by the first half of September. A slight recovery was noted towards the end of the quarter, with the margin rising to 1.35 DH/L, resulting in a total fluctuation of 0.3 DH/L between the highest and lowest values.
Gasoline Margin Dynamics
In contrast, gasoline margins remained consistently higher than those for diesel, with an average differential of approximately 0.62 DH/L. The margins fluctuated between a peak of 2.19 DH/L in the second half of August and a low of 2.02 DH/L at the end of September.
The analysis reveals two distinct phases in gasoline margins. The first phase, characterized by a slight increase, saw margins rise from 2.11 DH/L in early July to 2.19 DH/L by the end of August, marking an increase of 8 cents. This was followed by a second phase of decline, where the margin fell to 2.02 DH/L by the end of September.
Regulatory Context
This report, the eighth of its kind, is part of the ongoing monitoring of commitments made by the nine companies operating in the diesel and gasoline markets. These commitments were established following transactional agreements with the competition authority, aimed at ensuring fair pricing practices.
