Business News of Thursday, 25 October 2018
The National Petroleum Authority (NPA) has disclosed that it has curbed over ninety percent of illegal diversion of fuel over the past one year.
As a result, petroleum product exports to neighbouring countries have reduced from 30 to two million litres between August last year and the same period this year .
The CEO of the National Petroleum Authority, Hassan Tampuli says his outfit is also working to clamp down on activities that rip the economy of the needed revenue.
“What this means is that, significant savings have been made following the significant reduction in volumes of exported products that would have been diverted invariably for personal gains at the expense of the state.”
“That notwithstanding, we at Authority are poised to ensure protection is given to the businesses of genuine players in the industry and shall work with you to expose the fraudulent ones desperately trying to undermine the decency of the operations,” he added.
Meanwhile the NPA has in collaboration with the security agencies so far arrested and detained 43 Bulk Road Vehicles and One canoe for engaging in all manner of illegal activities.
A Committee established to develop guidelines to curb illegal fuel activities is investigating the issue and the perpetrators will be duly sanctioned.
Meanwhile the NPA is anticipating a drop in fuel prices for the first pricing window in November.
According to the authority, this may be triggered by falling price of products on the international market as well as the gains made by the Ghana Cedi has made some gains against the United States Dollar over the past few days.