Volume 5 Issue 18

Russian Motorists Hoard Motor Oils

The winding down of foreign lubricant producers’ operations, the devaluation of the ruble and logistics problems created by sanctions have caused prices to skyrocket for many products in Russia, including motor oil. Market insiders say this has prompted Russian motorists to hoard their favorite engine oil in an effort to avoid the next price increase.

Profits Down, Sales Up for Fuchs

German lubricant maker Fuchs Petrolub SE posted a first-quarter 6% decline in earnings after tax and a 16% increase in sales, citing several factors for the mixed results, including COVID-19 lockdowns in China, global inflation and supply chain problems, as well as the war in Ukraine.

Technology to Battle Substandard Lubes

Nigeria’s government and industry have worked for years to staunch the flow of substandard lubricants in the country. One industry insider suggested last week that more progress could be made if they incorporated technology to track and verify the legitimacy of products. Lilian Ikokwu, of OVH Energy Marketing, said such an approach would require progressive action by government, lube marketers and consumers.

From Other Editions of Lube Report

Yanshan Joins Group III Ranks

Forestry Forecast to Use More Biolubes

Earnings Keep Rising for SK

Briefly Noted

Nynas President and CEO Bo Askvik informed its board that he decided to leave his position after eight years. The Sweden-based company’s board appointed Stein Ivar Bye – also recently appointed chairman of the Nynas board –  interim CEO, and it commenced the search for a new CEO.