RUSSIA’S BAN ON PETROL EXPORTS MAY RESULT IN SLIGHT SCARCITY OF FUEL
By Tellah Hazinji
The Oil Marketing Companies Association of Zambia says Russia’s ban on petrol exports may result in a slight scarcity of fuel and consequently increased prices on the international market.
On Tuesday, Russia ordered a six-month ban on petrol exports from 1st March, 2024 to keep prices stable amid rising demand from consumers and farmers and to allow for maintenance of refineries in the world’s second largest oil exporter.
Reacting to this development in an interview with Phoenix News, Association President Kafula Mubanga says countries like Zambia should expect minimal shifts in local prices beyond the month of March.
Dr. Mubanga says it is also expected that the United States of America and other countries may offload part of their reserves on the international market to mitigate the gap and the impact caused by the ban.
PHOENIX NEWS