The proposed 40% rate for major fuel importers and distributors is double Morocco’s standard corporate tax rate of 20%. It is also five percentage points higher than the 35% rate currently applied to companies with net profits of at least 100 million dirhams, regardless of sector.
A 40% corporate tax rate is not, however, unprecedented in Morocco. It already applies to banks and other credit institutions, as well as Bank Al-Maghrib, the Caisse de Dépôt et de Gestion (CDG), and insurance and reinsurance companies. These institutions are subject to special tax treatment because of the nature of their activities and their role in the economy.
For fuel companies, the proposal is consistent with Framework Law No. 69-19 on tax reform, which seeks, among other objectives, to increase the tax contribution of businesses operating in regulated sectors or markets dominated by monopolies or oligopolies. Rather than a blanket increase in corporate tax, the measure is a targeted higher rate for a specific category of companies whose profits meet the prescribed threshold.
Figures from the Competition Council offer a measure of the sector’s financial weight. According to a report published in July 2025, the nine leading diesel and gasoline distributors recorded combined net profits of 2.295 billion dirhams from fuel distribution in 2024, on revenue of nearly 77.9 billion dirhams. Their net profit margin reached 2.9%, up from 0.6% in 2022 and minus 0.5% in 2023, when earnings were affected by financial penalties under settlements with the regulator.
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Across all their business activities, the nine companies posted combined net profits of 3.683 billion dirhams in 2024. That figure fell to 3.42 billion dirhams in 2025, according to a subsequent Competition Council report. The decline in overall earnings does not, however, establish how each company’s profits from fuel distribution alone changed over the period.
The published accounts of TotalEnergies Marketing Maroc illustrate the earnings generated by some of the sector’s largest operators. The company reported a standalone net profit of 803 million dirhams in 2025, down from 845 million in 2024. Consolidated net profit stood at 851 million dirhams in 2025, compared with 934 million a year earlier. Both measures are comfortably above the 100-million-dirham threshold set out in the draft 2027 Finance Bill.
For the other operators, the latest detailed company-level figures we could find in an official document date back to 2021. They appear on page 77 of a Competition Council opinion published in 2022. TotalEnergies Marketing Maroc is an exception because it is the only company in the sector listed on the Casablanca Stock Exchange and is therefore required to publish financial results regularly. According to the regulator, net profits from diesel and petrol distribution in 2021 stood at 370 million dirhams for Vivo Energy Maroc, 274 million for Winxo, 196 million for Petrom, 146 million for Afriquia SMDC, 129 million for Ziz and 91 million for Ola Energy Maroc. These figures relate exclusively to diesel and petrol distribution, rather than the companies’ overall earnings.
