Two oil companies join Ethiopia’s fuel retail market

Genet Petroleum and Gomechu Petroleum have taken the number of operational fuel companies now in Ethiopia to thirteen.

The new companies found their way to the market after managing to fullfill Ministry of Trade’s requirements to construct a 500,000 litre depot and acquiring a minimum of 6 filling stations before getting a license.

According to Shimelis Arega, at the Ministry, “The two companies secured licenses from the Ministry of Trade (MoT) two years ago and become operational recently”.

Genet Petroleum, according to Fortune, has a registered and authorized capital of 5.3 million Birr with its headquarter in Addis Ababa. It has 16 filling stations.

Gomechu Petroleum on the other hand has an authorized capital of 10.7 million Birr with its headquarter in Gonder City. The company is said to have 22 filling stations across Ethiopia.

Ethiopia’s fuel retail market is dominated by four companies namely; National Oil Company, Oil Libya, Total and Yetebaberut Petroleum (YBP) who control 90.4 percent of the entire market.

Among these companies, NOC has 33 percent market share followed by Total with 23.1 percent. Oil Libiya and YPB on the other hand account for 22 percent and 12.3 percent respectively.