The Association of Oil Marketing Companies (AOMCs) has lauded government’s effort to instilling discipline in downstream oil marketing sector and to ward off infiltrators whose nefarious activities cause the nation to lose millions of cedis in tax revenue.
The government lost revenue in excess of $500 million in 2016 through the illegal activities of Petroleum Black Market dealers.
The Association is, therefore, working in cooperation with the National Petroleum Authority (NPA), Ministry of Energy, Ministry of Finance and National Security to deal with illegal offshore and onshore oil Petroleum Black Market dealers to save the country and protect the interest of Oil Marketing Companies (OMC).
Mr Kwaku Agyemang-Duah, AOMC Industry Coordinator in an interview with the Ghana News Agency, explained that unscrupulous and irresponsible Ghanaians and foreigners have entered into the petroleum sector (Petroleum Black Market dealers) whose operations are inimical to the economy.
He said investigations have established that the Petroleum Black Market dealers engage in some illegal oil ships deal on the high seas in order to avoid the payment of taxes whilst others claims to be exporting the products to the land lock countries only to divert and sell the products locally.
According to the tax regulations, petroleum products being exported to the land lock countries does not attract taxes from Ghana.
Mr Agyemang-Duah admitted the existence of clandestine oil market transactions across the country, who after invading taxes and diverting the products sells it cheaply in “yellow gallons,” at vantage points and also on table tops.
He said the AOMC is working in cooperation with other sector actors to target any buyer of what it considers illegal petroleum products, “we are teaming up with relevant state authorities to toughen tactics against illegal oil operators”.
He said in a country where oil constitute large per cent of government’s budget, illegal deals, diversion of export products, and evasion of taxes is a potential threat to national revenue mobilization.
Mr Agyemang-Duah noted that the illegal operations is also affecting negatively the market share and investments of OMCs; “Not only is government losing tax revenue, scores of OMCs are also losing out as a result of sale of cheap products in the market and we are at the point of declaring employees redundant.
“The motoring public is also endangered for patronizing these ‘yellow gallon’ fuel as its quality cannot be guaranteed…operators do not also observe environment and safety measures, you buy cheap fuel at the peril of your life,” he said.
The Association is an industry association and a private initiative by the oil marketing operators in Ghana. “We are an advocacy institution established to help direct downstream policy, legislation and regulation and pursue research towards the development of the downstream sector”.
It also represents the collective interests of the companies involved in the oil marketing and petroleum products in Ghana, coordinating with the major Stakeholders in the Industry which include: Ministry of Petroleum, Ministry of Finance, Bank of Ghana, NPA, The Energy Commission, Environmental Protection Agency, Tema Oil Refinery, Revenue Agencies Governing Board, Ghana Standard Board, Ghana Fire Service, and Bulk Oil Storage and Transportation Company Limited.
Source: GNA
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politicans are they really with good intent? This amount was flashed through the drain. Are they not laws governing Ghana? How relevant are the media & parliamentarians?
with this hate and vindictiveness in your heart i just wonder where you were during the rain of president kuffuor and your opinion of his perceived corrupt administration just like the perceived JDM corrupt admin. my friend you have so much hate. show some love. you will need it in 2020
Illegal dealings in Ghana which were hurting the economy and livelihood of the people of Ghana by ndc footsoldiers and sympathizers were what ndc called job creation and when the patriotic and compassionate government tries to deal with that,ndc call it witch hunting and sacking of people from their jobs. My question is are these people in the ndc real Ghanaians? And do they think of the nation Ghana?do they have passion and compassion for the people and country? and do they deserve to ever come to power in Ghana? Your guess is as mine. I pity the ign****barred word*** ones who are being used by these wicked and callous people who don't even think of their followers let alone those who do not agree with them. I believe those who do not like and hate ndc are many than those who like them, from the look at last elections and their results. 2000 NPP won by 52% -44% ndc, 2008 NPP won the first round with the Runoff going to the ndc by 50+1-49% less than 40,000 win by the ndc, 2012 ndc won by 50+1 -NPP 47% with just 2 regions according to the ndc going enbloc to the NPP, 2016 NPP won with 54%-44% ndc with over 1.5 million votes margin winning 61/2 regions with ndc winning 31/2 regions compare these results and margins and see who the good people of Ghana prefer so who told Kofi Portuphy and his maroon members Ghanaians miss them and want them back? Somebody,tell Kofi Portuphy and his disastrous executives it will be easier for a camel to enter the eye of a needle than ndc winning elections in Ghana for now and probably 40 years after. Ghanaians can't afford to hand over their country to hungry cro*ks who think politics is the only way to survive. Somebody tell them to find work to do since Ghanaians doesn't need their service,Ghana can't go back always after moving forward,Ghana can't afford cro*ks roaming about as politicians with loud mouth,lies,propaganda, insults,division,denigrating others and vilification to go near the seat of government we are discerning people and we've made our choice and they must sh*t up for good governance to prevail. Ghana will succeed. God damn ndc.