Since the FPCC entered into the gasoline market, its profits have increased rapidly. This article investigates the essence of the profits earned by the FPCC, while being careful to recognize the sources and nature of the Ricardian rents so as to avoid the confusion between profits and rents. The evidence shows that FPCC's profits mainly stem from the relative inefficiency of the CPC. The government should promote the privatization of the CPC as soon as possible so as to provide for progressive liberalization in the gasoline market.