Saturday September 26, 2020

Low margins are driving oil giants out

Even for an industry defined by its volatility, the Irish petrol business is going through a particularly turbulent period.

1st April, 2006

Even for an industry defined by its volatility, the Irish petrol business is going through a particularly turbulent period.

Depressed by intense competition and declining profits, international conglomerates are packing up their bags and selling their operations to indigenous operators. This is globalisation in reverse.

Shell, the international oil giant, set the trend last year when it sold its Irish network of filling stations for €160 million.

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