The liquidation of the Russian retail fuel trading is growing at an alarming rate linked to the inability of independent fuel traders and gas stations due to the fuel shortage and how the big oil companies prioritized their own chains.
For Q1-Q3 the number of liquidations of companies and entrepreneurs in the field of retail fuel sales in the field of retail fuel sales rose by 16,7% to 935 which is the highest number since 2022. The number of new registrations dropped by 28,4% to 668 companies. This is also the first time since 2022 when liquidations outpaced new registrations. Russian independent gas stations represent 60% of the Russian gas stations but account for around 30-40% of fuel sales. As of October 1st 2026 there were 10,720 companies and entrepreneurs operating in the fuel retail segment in Russia. This number is down 2,9% year over year and is in line with the levels in October 2022 but lower than October 2023-2025. In 2023 there were 26,7% more registrations than liquidations for Q1-Q3 and in 2024 there 7,2% more. For Q1-Q3 2025 the new registrations rose by 21% to 933 whilst liquidations rose by 11,4% to 801. In Q1-Q3 2026 for every 10 registrations there are 14 liquidations. Some small refineries can operate at a loss for years while their associated legal entities purchase products, accumulate loan and tax debts and then file for bankruptcy. A similar things is happening on the fuel retail market. The contraction of fuel retail is an expected consequence of the summer surge in wholesale prices and the reduction of exchange sales standards for oil companies from 15% to 10%. That is they are required to offer to exchanges 10% of the fuel they produce and not 15%. This led to a decrease in gas station margins and limited independent gas stations' access to affordable fuel which are now struggling to maintain profitability. This was due to the Ukrainian attacks on refineries decreasing supply. Some independent gas stations have closed in the past six months and those that remain open often sell for 10-40 rubles per liter more than the gas stations of companies with their own refineries. If refinery capacity gets restored and exchange trading resumes at the level it was before prices will decrease but in the meantime due to the rising tariffs from natural monopolies, taxes and personnel costs operating costs for independent gas stations will continue to rise. In August and early September the break-even retail price for AI-92 gasoline at independent gas stations in the Moscow region was around 120 rubles per liter. At the same time the wholesale price for the major chains was 80-85 000 rubles per ton or 60-63 rubles per liter. Source: kommersant.ru
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