Russia Halts Diesel Exports as Global Fuel Markets Tighten

Russia has announced a temporary ban on diesel and gasoline exports to stabilize its domestic fuel supplies. The ban, which takes effect on Thursday, Sept. 21, has no end date, according to a government statement.

The statement said that the ban would help reduce consumer prices in Russia, which have been rising due to high global demand and low production.

The Russian government’s decision comes amid a squeeze on global fuel markets, which have been affected by supply disruptions, refinery outages, and strong demand recovery from the pandemic.

Diesel prices have soared in many countries, including Nigeria, where the fuel is widely used for power generation and transportation.

Newsflash Nigeria reported that Benneth Korie, the National President of the Natural Oil and Gas Suppliers Association of Nigeria, (NOGASA), had raised the alarm over the frequent increases in diesel prices at depots across the country.

He attributed the price hikes to the surge in crude oil prices, which reached $94 per barrel on Wednesday, and the depreciation of the Naira against the dollar, which exchanged at N980/$1 on Wednesday.

However, there may be some relief for Nigeria as the Dangote refinery, which has a capacity of 650,000 barrels per day, announced plans to start producing diesel and other oil and gas products in October.

The refinery, which is expected to be the largest in Africa, could help reduce Nigeria’s dependence on fuel imports and save foreign exchange.

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