Volume 5 Issue 18
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.
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.
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.