It's called a check valve, and none of the $2 solutions presented are particularly good. The check valve keeps oil from flowing through the system when the engine is off. If you don't replace the valve itself, gravity will make oil travel out of the oil tank, down to the pump and then back up into the carb. Day and Night, 24/7. Once it fills up the carburetor, it finds other places to go. The crankcase is a popular one, so is all over the floor. If you've ever seen a smoke grenade like they use to hide Tanks on the battlefield, imagine one of those following you around for about five miles while the excess oil in the crankcase burns off. Now imagine finding your mailbox full of CARB excess polluter notices.
If you can find a replacement that is the correct diameter and presses in, you can pull it out with a set of channel locks and press the new one in and fix it that way. Otherwise, there is a new carburetor in your future, or you can add oil to the gas instead of using the oil tank.
I've only seen one company supply them as a replaceable item for their own scooters. QJ shipped a bunch of bikes that had carburetors with bad check valves. And that's how I learned what happens when a check valve doesn't work properly, and how to replace it.
https://scooterpartsco.com/et2-air-and-fuel-c-3637_3639_3712/carburetor-for-vespa-et2-p-1386.html is the carburetor, and you likely need the cable mentioned.