Belgium retail fuels long-term outlook

The Belgian oil products market is part of the Antwerp/ Rotterdam/ Amsterdam (ARA) oil refining, trading and storage hub. Entry barriers are therefore low and access to product supply relatively unconstrained. Refined products can be sourced either from the TotalEnergies and ExxonMobil refineries at Antwerp or moved into Belgium by barge from refineries located in the Netherlands. The Belgian oil market is mature across most sectors with little or no long-term oil demand growth anticipated. Fuel prices are underpinned by the government-run ‘Contrat Programme' maximum price formula. Fuel retailers are therefore focusing on optimising the size and location of their network. The growth of the automat sector is a key market driver, offering discounted prices in comparison to full-service stations. Companies are also aiming to boost their revenues from non-fuel services at full-service stations. There is also potential in electromobility.