In 2024, the combined revenues of Georgia’s five largest fuel retailers: Wissol, Lukoil, Rompetrol, Connect, and Socar reached 3.29 billion GEL, marking a 33% increase year-on-year, according to TBC Capital’s sector research.
Revenue growth across all five companies was driven by higher fuel prices and increased sales volumes. Wissol leads the market with a 26% share, while Lukoil holds 23%, largely from wholesale gasoline and diesel trading.
The report notes that international sanctions on Lukoil may force its parent company to divest assets to maintain operations in Georgia.
Overall, the average gross profit margin in 2024 rose to 10%, up one percentage point from 2023, reflecting stronger profitability amid rising revenues.
