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Morocco’s Fuel Imports Drop by 20% to $5.1 Billion in 2023

Morocco’s diesel and petrol imports fell significantly in 2023, totaling around MAD 52.7 billion ($5.1 billion), a 21.5% fall from the previous year.

According to a study from the country’s Competition Council, the fall in imports last year was mostly caused by a decreasing trend in worldwide refined gasoline prices, with diesel, the primary fuel imported into Morocco, receiving the worst hit.

This positive change directly impacts consumers, as the total cost of fuel imports (excluding taxes) also fell by a substantial 21% from 2022 to 2023.

According to the research, six new operators entered the Moroccan market between 2022 and 2023, causing the nine current businesses’ market share to fall significantly. Their aggregate market share fell by 3.6 percentage points, from over 92.6% to around 89% in 2023.

To address market developments, the Competition Council reached transaction agreements with nine businesses in the sector in November 2023.

Source: Energy Ghana