Russia-Ukraine war: Fuel scarcity may continue, oil vessels face delay on sea

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Russia-Ukraine war: Fuel scarcity may continue, oil vessels face delay on sea
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The ongoing war between Russia and Ukraine may further prolong the over three-week scarcity of Premium Motor Spirit, popularly called petrol, in Nigeria, as bulk of the refined products coming into the country from the warring region and its adjoining areas are likely to face some delays.

It was also gathered on Sunday that traders who supply Nigeria with refined petroleum products might pause a little due to the deficit in the supply of crude oil cargoes from the Nigerian National Petroleum Company Limited.

NNPC brings in refined petrol into Nigeria using contractors or traders through its Direct Sale Direct Purchase scheme.

Under the scheme, the oil company provides crude oil to its trading partners, who in turn supply the NNPC with refined products worth the volume of crude received from the national oil company.

But impeccable sources both at the oil firm and among traders stated on Sunday that Nigeria through the NNPC had a deficit of about 17 cargoes in its DSDP obligation due to low oil production.

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This, they said, could further prolong the fuel scarcity situation being faced nationwide, except something drastic such as the complete deregulation of the downstream oil sector was implemented.

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