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Europe downstream oil in brief: another super-dealer is born as MFG and MRH announce merger

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19 April 2018

Europe downstream oil in brief: another super-dealer is born as MFG and MRH announce merger

Report summary

In the the latest deal furthering consolidation in the UK fuel market, the Motor Fuel Group (MFG) announced its intention to acquire MRH, the country's largest independent forecourt operator, for £1.2 billion. If approved, this merger will create the UK's largest fuel retailer by site ownership with over 900 service stations under multiple brands. The deal would also see MFG rising to the second largest fuel retailer by volume, with combined sales of approximately 3.6 billion litres in 2017. The network operates at an average fuel throughput per site of around 4 million litres a year - in line with the UK average. But much of the value in this deal lies beyond the fuel pump. Our North West Europe Brent FCC gross refining margin fell sharply in March, driven by weak gasoline spreads, whereas Med Urals FCC gross refining margins remained flat. Retail fuel margins were stronger for gasoline in March, whereas diesel margins came under pressure from higher wholesale product prices.

Table of contents

    • Beyond the pump: dealer groups MFG and MRH to merge in the latest round of retail site consolidation
    • Refining margins
    • Fuels marketing margins

Tables and charts

This report includes 13 images and tables including:

  • MFG and MRH combined retail network by brand at end-2017
  • MFG and MRH retail networks and average throughput growth
  • UK road transport fuel demand and EV car stock
  • MED gasoline/gasoil crack spreads
  • MED refining margins
  • NWE gasoline/gasoil crack spreads
  • NWE refining margins
  • Month average gross margins - March 2018
  • United Kingdom gross marketing margins
  • France gross marketing margins
  • Germany gross marketing margins
  • Spain gross marketing margins
  • Recent fuels marketing transactions

What's included

This report contains:

  • Document

    Europe downstream oil in brief: another super-dealer is born as MFG and MRH announce merger

    PDF 387.55 KB