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This is the second of a two-case series (300-123-1 and 300-151-1). This case provides an example of an extraordinarily successful Danish petrol retailing company. At the time it was written (late 1997), no other fuel retailing company in Europe could match the level of profit this organisation was delivering in the highly competitive context of a mature industry with new entrants playing to different rules. The case can be used to discuss many aspects of management, including marketing, leadership and competitive strategy. The teaching note illustrates its use in presenting techniques useful for competitive strategy analysis. Specifically, concepts of customer value, competitive position, core competences (Resource Based Theory - RBT) and sustainability are explored. The second in the series, ''Re-Visiting Metax'', describes market developments since 1997 up to early 2002, and the changes that have happened at Metax. The teaching objectives are to: (1) demonstrate two approaches to competitive strategy analysis (competitive positioning and identifying strategic assets) in the context of a fiercely competitive market and using an organisation which has developed significant competitive advantage; (2) discuss sources of sustained competitive advantage; and (3) apply the thinking about sustaining competitive advantage to the future of this market and company. This case contains colour exhibits.