Teboil stopped – a million dollar bill for petrol drivers

Teboil closed its position in Finland in November 2025. Its market share was a moderate 10–15 percent, but locally it increased the choice of consumers. More than half of the stations of the competing chains were at a distance of about three kilometers from Teboil.

The investigation by the Finnish Competition and Consumer Authority reveals that the prices of stations of competing chains located in the vicinity of these Teboil stations were more favorable than those of stations that did not compete locally with Teboil.

When Teboil left the market, the situation changed. At stations that competed with Teboil, E95 and diesel prices increased by 1.4 percent and E98 prices by 1.3 percent compared to stations that did not compete with Teboil. This means a 2.5 cent impact for the 95 and a 2.4 cent impact for the E98 and diesel.

Most motorists do not drive long distances because of the cheaper prices. On the local level, fuel demand is very price sensitive: consumers react quickly to small price differences between stations. Because of this, chains and entrepreneurs closely monitor the pricing of their competitors and set prices for each location.

When operating in Finland, Teboil was the fourth largest chain on the market, both in terms of number of stations and sales volume.

KKV estimates that Teboil’s departure increased total consumer spending by 10 million euros in the three months following the station closures. If the effect has continued in the same direction from now on, the annual effect will be around 40 million euros.

KKV calculated the estimate by multiplying by multiplying the fuel-specific price effects by the sales volume of the stations competing with Teboil.

According to KKV, even these figures underestimate the real effect. When Teboil’s stations closed, their previous clientele moved to refuel at competitors’ stations. Since Teboil’s price level was, on average, cheaper than that of its competitors, the price impact on the former customers of these stations was somewhat higher than the figures show.

The reason behind Teboil’s closure were the United States and Great Britain for the company’s parent company For Lukoil imposed sanctions. The Russian owner had hindered the sale of Teboil since the war of aggression in Ukraine began. However, the strongest effect of the consumer boycott hit at the beginning of the war, and sales began to recover significantly after that.

The completed report is part of KKV’s wider fuel report. The agency will report later on its progress.