Although Albanisa has withdrawn from the oil import business, the deposit paid to it is still being collected from consumers.
Gas stations in Nicaragua continue to charge consumers 0.12 cents per gallon of fuel purchased at different gas stations, despite the fact that they no longer pay that percentage for marketing to the country’s once powerful oil importer. Country Albanisa.
According to data from César Arévalo, an expert in the hydrocarbon market, Albanesa imports 90% of Venezuela’s hydrocarbons and then sells them to Esso and Pate in the country. Petronic (Petronic) gas station. As part of this business, Albanisa charged the two companies a commercialization fee of 0.12 cents, which to some extent “proved” the price that it had managed until the sharp decline in cooperation with Venezuela in 2018.
However, after Albanisa passed the tail of hydrocarbon importers and the U.S. Department of the Treasury approved DNP Petronic, the national oil distributor, these companies continued to charge users market price deposits because they believed it was public The funds were purchased and later transferred to the Ortega Murillo family.
This percentage is “reserved by the oil company,” explained the expert Arevalo, who also claimed that the oil company should “repay the user” the 0.12 cent to 1 U.S. dollar.
“Then Puma entered the market in 2012 and prices soared. Until 2017, the same Albanisa songs continued, Albanisa disappeared with the sanctions, and Venezuela no longer has products. Therefore, this marketing profit margin, even through conspiracy to sell more oil companies Puma, Uno and DNP, has maintained Albanisa’s profit margin,” Arévalo explained.
Changes in market share
Arévalo’s data reflects how the country’s market share has completely changed after the sanctions imposed on DNP Petronic in 2019. For example, in 2018, Petronic’s market share reached the highest level in the past 10 years, reaching 40.5%, while on the same day, Puma’s market share was 27.2%. Uno (21.5%) and Uno Petróleos (10.3%).
For 2019, DNP Petronic’s market share decreased to 39.8%, while Puma rose to 28.7%, Uno rose to 21.5%, and Uno Petróleos remained at 10%. It was in December of this year that the US Treasury Department imposed sanctions on DNP Petronic.
By 2020, the market share of gas stations will undergo the most dramatic changes. This is how DNP Petronic (the company with the largest number of gas stations in the country since 2009) has maintained a 29.8% share. ) Ranked first with 35.8%, Uno also increased to 23.6%, and Uno Petróleo increased to 10.8%.
By reducing Pettronic’s market share, Arévalo estimates that Puma, Uno and Uno Petróleos take a 10% share, which has led to an increase in the sales of these companies. As a result, the profits of these oil companies have also increased. If you consider that they continue to use the 0.12% virtual marketing cost, which is what they stopped paying to Albanisa when Puma became an importer of hydrocarbons, the profits would increase.
“I think that many customers (governments) that may have purchased from Zanzibar may have been acquired by Petronic, and some industrial companies (such as duty-free zones) may have terminated their contracts with DNP Petronic and DNP to ensure the reliability of their supply. They went to Puma or UNO, but there was not much change there. Arevalo questioned that someone has been supplying products to the government.
After the Ministry of Finance imposed sanctions in 2019, it is reported that since 2014, the Ministry of Energy and Mines (MEM) has granted Zanzíbar SA the right to operate. This mysterious company belongs to Rafael Ortega Murillo and is the eldest son of Daniel Ortega and Rosario Murillo. slightly.
According to the Ministry of Finance, the company concealed the profits previously generated by the state-owned Nicaraguan Petroleum Distributor (DNP) for Rafael Ortega.
Donald Trump’s Secretary of State Mike Pompeo assured that, like the security company El Goliat, Zanzibar was also used to launder money and gain preferential access to the market for the Ortega regime .
Gas station profits continue to rise
With these, the profit margins of gas stations in the country are only increasing. According to Arévalo (Arévalo) the same calculation, the country’s sales continue to grow. The expert explained that in 2020, gas stations adjusted their sales prices by US$15 million to compensate for the decline in sales.
“Sales increased from 5.1 million barrels in 2009 to 7.21 MB in 2020. (Annual profit) increased from US$54 million to US$144 million, an increase of US$90 million, of which Puma Energy and Pettronic accounted for 65.7% of the market. The market,” Arévalo explained.
This goal can be achieved because although gas stations still strive to keep operating costs low, their premium prices allow them to earn millions of dollars in profits.
The accumulated fuel surcharges of Puma, Petronic and UNO gas stations in 2018 were US$45 million. One year later, in 2019, the fuel surcharges increased to US$49 million. It is estimated that by 2020, this price premium will be approximately $64 million, and forecasts for 2021 indicate that it may rise to $66 million again.
Price premiums occur when international fuel prices fall, but gas stations in Nicaragua usually maintain their prices. Therefore, every Nicaraguan in 2019 will have to pay a US dollar surcharge of 0.16 cents per gallon of fuel purchased from a gas station, and by 2020, the same value will increase to US$0.21 per gallon of fuel.
However, the same gas station’s income after deducting fees and IR was US$322 million in 2018 and increased to US$361 million in 2019. Estimates indicate that they may be about US$404 million by 2020. The forecast also shows that by 2021, gas stations will receive approximately US$448 million from fuel surcharges.
According to Arévalo, MEM has not released data for 2020 or 2021. Therefore, the figures for these years represent different estimates from all other data in 2019 and before. These data are based on official MEM. Based on statistical data. Bank of Nicaragua.