A total of GH¢952 million has been accrued in taxes and revenue margins through the clampdown on illegal fuel trade by the National Petroleum Authority (NPA).
The move follows intense monitoring of the lifting and sale of petroleum products in the country by the Authority.
Speaking at the launch of the 2018 industry report by the Chamber of Bulk Oil Distributors, CEO of the NPA, Hassan Tampuli, said that no illegal fuel trade took place in the petroleum downstream sector in 2018.
“When the product was coming into the country, somehow documents were probably faked or falsified and the product ended up in the country, but how do you take it out? You bring in 15,000, 20,000 and you record 10,000.
That 10,000 will be 20,000 in our system. And we don’t see how you can take the product out of the system. Now, this has saved the nation, a colossal GH¢794.49 million in taxes and GH¢154. 93 million in regulatory margins yielding a total savings of GH¢952.42 million,” he said
He further assured the outfit’s resolve to save the state from being shortchanged.
“The interventions by the NPA again to minimize the invasion of the official channels of distribution and hence an increase of official volumes of the most tax evaded products, AGO regular and PMS. Volumes of these products shot up 17 and 19 percent respectively. The NPA continues in its efforts to curb the menace of smuggling and dumping,” he added.