• Imperial Oil average gross margin for 2023 was 23.64%, a 3.68% decline from 2022.
• Imperial Oil average gross margin for 2022 was 22.8%, a 9.77% increase from 2021.
• Imperial Oil average gross margin for 2021 was 20.77%, a 25.57% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.