Sweden is a highly consolidated retail fuel market, with four companies accounting for approximately 90% of volume market share. The concentrated market structure limits the opportunity for further expansion through M&A by the incumbent players. As Sweden's refining hub in the west is removed from the main demand centre in the east, over half of refined product is exported to neighbouring markets. Sweden also imports finished products to meet local demand, especially from Finland. Retail service station numbers are in decline and the portfolio contains a large percentage of automats. Oil demand continues to decline as the government encourages policies aimed at de-carbonising the energy market.