State-owned oil and gas marketing company, GOIL PLC has lost some 4.09% of its market share in 2023, latest figures from the National Petroleum Authority’s OMC’s Performance statistics for January to December 2023 have revealed. 

GOIL by the end of 2022 had a total market share of 20.19%, mainly influenced by its 23.60% and 19.62% share of the total petrol and diesel sold in the market respectively. 

But the market leader has seen its share decrease consistently in 2023, falling to 18.78% in the first quarter of 2023 and further decreasing to 16.53%, 14.72%, and 14.71% in the last three quarters of 2023, cumulating to an overall market share of 16.10% for 2023. 

Meanwhile, Star Oil Company Limited per the industry data in 2023 leapfrogged 3 other OMCs to become the 2nd largest OMC.

Star Oil’s market share of 5.94% in 2022 meant it still lagged behind market leaders such as Vivo Energy, TotalEnergies, and Zen Petroleum who occupied the 2nd, 3rd, and 4th places with market shares of 8.85%, 8.51%, and 7.57% respectively.

However, Star Oil’s market share in 2023 jumped to 8.36%, making it the 2nd largest OMC in the country as Vivo Energy’s share fell to 8.33% to become the 3rd largest OMC. 

TotalEnergies and Zen Petroleum make up the top 5 OMCs in 2023 with market shares of 7.30% and 6.68%. 

Puma Energy 4.21%, Benab Oil 2.94%, Gaso Oil 2.22%, Frimps Oil 2.08%, and Petrosol 1.95% add up to form the top 10 OMCs in the country.