x

Nigeria, others at risk as Russia halts petrol export

Nigeria’s petrol importation could encounter disruptions as Russia announces a halt on petrol exports starting March 1, posing risks to several countries.

According to the French international news agency, Agence France-Presse, the Russian government has confirmed a six-month ban on petrol exports to ensure adequate fuel supply for domestic consumption.

Russia, the world’s third-largest oil producer, has been grappling with intermittent fuel shortages since last summer, attributed to high demand and refinery maintenance.

“The restrictions on petrol exports will be in place for six months, from March 1 to August 31,” stated the government in a Thursday announcement.

In 2023, Russia produced 43.9 million tonnes of petrol, with approximately 5.76 million tonnes exported, accounting for about 13% of its total production.

Reuters notes that African nations such as Nigeria, Libya, Tunisia, and the United Arab Emirates are among the primary buyers of Russian petrol.

Reports from 2023 revealed a significant surge in Nigeria’s petrol imports from Russia, increasing by 84% within a year, reaching 3.8 million litres (24,000 barrels) in 2023 compared to 558,300 litres (3,700 barrels) in 2022, as per data from Argus West Africa Oil.

With embargoes from the European Union, the UK, and the United States following the Ukraine invasion, Russia has been exploring alternative markets.

The government emphasized that the ban aims to ensure fuel market stability during periods of high demand, including spring agricultural activities, holiday seasons, and refinery maintenance.

Ahead of upcoming elections next month, President Vladimir Putin’s administration is keen on averting fuel shortages in the local market to maintain control.

Last year’s ban on diesel and petrol exports in Russia led to challenges for farmers in certain regions, impacting grain harvesting due to fuel shortages.

Hot this week

FG seals petrol station of PPMC Boss,4 others in A’Ibom

By Ogenyi Ogenyi,UyoThe Nigerian Midstream and Downstream Petroleum Regulatory...

Gov Ododo Flags Off 2025 Immunization Campaign, Reaffirms Commitment to Polio-Free Kogi

By Noah Ocheni, LokojaThe Kogi State Governor, Alhaji Ahmed...

Former Senate Minority Leader backs Caleb Mutfwang’s re-election as Governor

By Israel Adamu, JosFormer Senate Minority Leader Senator...

A’ibom shrine crisis; NGO seeks truce, appeals for discretion

By Ogenyi Ogenyi,UyoA Non Governmental Organisation, Open Forum for...

Plateau APC Youths Commend Prof. Nentawe’s Humanitarian Initiatives

By Israel Adamu, JosThe All Progressives Congress (APC) Youth...

Delta APC Passes Confidence Vote, Endorses Tinubu, Oborevwori for 2027 Elections

By Anne AzukaThe All Progressives Congress (APC) in Delta...

Manchester United Facing ‘Crisis’ Fears Amid Fresh Uncertainty Over Ruben Amorim’s Future

Manchester United are reportedly edging toward another managerial crisis...

Ritman varsity appoints new mgt team as pioneer VC bows out

By Ogenyi Ogenyi,UyoRitman University, a privately owned institution located...

A’ibom: Group says “sacked” PDP chairman’s meeting illegal

By Ogenyi Ogenyi,Uyo.A group, the PDP Advocates for Peace...

Ten Days in Yunnan, the City of Eternal Spring

By Dr Austin MahoWhat is Beijing without the great...

ASUU declares two weeks nationwide strike

* Says FG has failed to address long-standing...

ASUU Declares Nationwide Strike Over Unmet Demands

By Achadu Gabriel, KadunaThe Academic Staff Union of Universities...

Related Articles

Popular Categories

spot_imgspot_img