Navigating Key Trends for Your Petrol Station Business in Tanzania in 2024

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Are you ready for the changes coming to the Tanzanian petrol station scene in 2024?

Let’s break down the trends that could make or break your business.

1. High Fuel Demand:
One of the most noticeable trends is the surge in fuel demand. Take a glance at the streets; the number of cars on roads is on the rise. Transporting companies are introducing new trucks, and the proliferation of tri-cycles, known as boda boda, is undeniable. Brace yourselves; fuel consumption is about to hit unprecedented levels.

 

2. Fierce Competition:
Another trend demanding attention is the escalating competition. Look around your neighborhood – new petrol stations are sprouting up everywhere.

As a consultant, I’ve seen a wave of investors planning to construct more stations next year.

This intensified competition poses a challenge for current station owners, urging them to figure out how to sell larger volumes to counter dwindling margins.

3. Price Volatility:
Price volatility is the third factor to consider.

The unpredictable nature of oil prices will persist into the next year and beyond. Striking the right balance with pricing is crucial – too high, and you lose customers; too low, and you might operate at a loss.

Keeping an eye on competitive prices and promptly adjusting your own can make a significant differenc

 

4. CNG Gas Attention:
Here’s the buzz – everyone’s talking about CNG gas. In 2024, this trend is only going to get bigger.

The world wants us to move away from traditional fuels, but don’t worry; integrating CNG into your business could open up new revenue streams without pushing out petrol and diesel.

5. Various Payment Options:
Cash, M-Pesa, Tgo Pesa, or card – people want choices. Make sure your petrol station keeps up with the times by offering different digital payment options. It’s all about convenience for your customers.

6. Strategic Alliances:
The future is about working together. Consider teaming up with coffee shops, supermarkets, or garages.

Let them handle the extra services while you focus on fuel. Managing multiple businesses at your petrol station doesn’t have to be a headache – it could be a winning strategy.

Get ready for 2024 – fuel up, stay competitive, and embrace the changes for a successful year ahead!

Hussein Boffu runs a consultancy provides business planning, financial forecasts, market research reports, expert analysis and consulting for entrepreneurs and business owners. Reach out to him via email at hussein.boffu@tanzaniapetroleum.com or by calling, texting, or WhatsApp at +255(0)655376543.