Market News
Global Diesel Shortage Worsened by Russia’s Ban on Exports - THISDAY
Emmanuel Addeh in Abuja
The global shortage of diesel and the attendant rise in prices, has been made worse after Russia announced a temporary ban on diesel exports to all countries except Belarus, Kazakhstan, Armenia, and Kyrgyzstan, while aiming to stabilise its domestic market.
According to Reuters, Russia’s fuel market has faced recent challenges, including scheduled maintenance at oil refineries, transportation bottlenecks, and the depreciation of the ruble, incentivising fuel exports.
Following the challenges, Russia restricted exports to address diesel and petrol shortages and prevent a potential fuel crisis.
The shortage has also impacted Nigeria, exacerbated by the action of Russia which is the world’s largest diesel exporter, making diesel prices in Nigeria exceed N1,000 per litre.
