Europe Downstream Oil in Brief: Another Super-Dealer is Born As Mfg and Mrh Announce Merger

  • ID: 4542542
  • Report
  • Region: Europe
  • Wood Mackenzie
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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.
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Downstream M&A activity
  • Margins
  • Refining margins
  • Fuels marketing margins
Tables and charts

Images
  • 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
  • View all items in this report
  • MED gasoline/gasoil crack spreads
  • MED refining margins
  • NWE gasoline/gasoil crack spreads
  • NWE refining margins
  • United Kingdom gross marketing margins
  • France gross marketing margins
  • Germany gross marketing margins
  • Spain gross marketing margins
Tables
  • Month average gross margins - March 2018
  • Recent fuels marketing transactions
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