The Ukrainian fuel market has undergone significant changes following the decline of the Privat Group. State-owned Ukrnafta and private company UPG have emerged as the dominant players, rapidly acquiring and rebranding former gas stations previously owned by Kolomoisky.
Ukrnafta has become the largest gas station network in Ukraine. After the nationalization of Privat’s assets, the company came under full state control and has actively expanded its market presence.
Between 2024 and 2026, Ukrnafta took over the Glusco network, previously associated with Viktor Medvedchuk, and acquired Shell gas stations in Ukraine. Additionally, the company is integrating the U.Go network, owned by Ukrgazvydobuvannya, bringing its total number of stations close to 700.
Before the full-scale invasion, Privat controlled approximately 1,500 gas stations, making it the largest fuel retailer in the country. However, after losing control of Ukrnafta and the Kremenchuk refinery, the group found itself without a fuel supply. By early 2025, the ANP and Aviass networks ceased operations, causing issues for companies and government agencies that had pre-purchased fuel vouchers.
Market analysts attribute Privat’s downfall to its inability to quickly adapt its import and logistics strategies after losing its fuel sources.
The biggest beneficiary of Privat’s collapse has been UPG, led by Volodymyr Petrenko. The company has been actively leasing and purchasing former Privat gas stations, with the Antimonopoly Committee approving the transfer of over 570 locations to UPG.
In less than a year, UPG’s network has grown more than sixfold, now boasting over 650 gas stations across 21 regions of Ukraine. The company is rebranding its new stations and focusing on modernizing services.
Among other major private networks, OKKO and WOG maintain their positions. OKKO, owned by businessman Vitaliy Antonov, is also investing in agriculture and wind energy, while developing a ski resort in western Ukraine. WOG has recently restructured its ownership following the death of co-founder Ihor Yeremeyev and subsequent corporate conflicts.
Other notable players include BRSMP-Nafta, AMIC, and Parallel. AMIC previously acquired Ukrainian gas stations from the Russian company Lukoil, while Parallel was once owned by structures linked to Rinat Akhmetov.
The Ukrainian fuel market has traditionally been segmented into premium, mid-range, and discount categories. Premium brands like SOCAR, OKKO, and WOG focus on service quality and additional offerings. Mid-range players include UPG, AMIC, KLO, and Ukrnafta, which has become a price benchmark after government decisions led to minimal fuel markups. Discount brands include BRSMP-Nafta, Avantage 7, and Marchal.
Analysts note that the significant price differences among networks are atypical for Europe. Some Ukrainian discount brands maintain low prices through tax optimization or lower fuel quality standards.
The recent escalation in the Middle East and rising global oil prices have caused fuel prices in Ukraine to soar. The Antimonopoly Committee is currently reviewing pricing practices among networks but has not found evidence of collusion or market monopolization.
Ukraine’s fuel market is heavily reliant on imports, making it sensitive to global price fluctuations. Analysts estimate that about half of the fuel cost in Ukraine is due to import components, with up to 40% attributed to taxes, leaving only a 5-7% profit margin for networks.
Modern gas stations are increasingly diversifying their revenue streams beyond fuel sales, focusing on food and ancillary products. WOG is expanding its coffee offerings, while UPG is investing in its own kitchens and burger menus. OKKO has introduced mini-burgers and hot dogs for on-the-go drivers, while Ukrnafta features traditional dishes like borscht and soups, prepared according to recipes by Yevhen Klopotenko.
In addition, SOCAR and BRSMP-Nafta are emphasizing wine and gastronomy, with BRSMP selling Italian wine produced by its shareholders and SOCAR promoting Azerbaijani cuisine and pomegranate wine.
Following the nationalization of Igor Kolomoisky’s assets, the structure of the fuel market has dramatically shifted. Ukrnafta has become the largest gas station operator, while UPG has emerged as the most dynamic private player. Competition now extends beyond fuel prices to include service quality, gastronomy, and overall customer experience.
The Ukrainian fuel market has transformed significantly after the nationalization of Privat Group's assets, with Ukrnafta and UPG emerging as key players. The competition now extends beyond fuel prices to include service and food offerings, reshaping the consumer experience.