National Petroleum Authority (NPA) has officially launched the National Retail Outlet Fuel Monitoring System as means to digitize the NPA against illegal fuel trading in the country.
The new initiative will accordingly help NPA to monitor the quantity of petroleum products in the storage tanks of Oil Marketing Companies (OMCs) at their retail outlets.
Speaking at the launching of the ultramodern facility in Accra, Dr. Mahamudu Bawumia said the initiative would not only improve the petroleum product distribution system but will also go a long way towards the country’s ‘Beyond Aid’ agenda.
According to him, the initiative would help the government in its effort to maximise revenue mobilisation from petroleum products.
“Taxes and levies on petroleum products are major sources of revenue for the government in pursuing its development agenda,’’ he said.
The Vice President decried the actions of some unscrupulous players in the downstream petroleum industry, which, he said continues to deny the needed revenue in that sector.
“Between 2015 and 2019, it is estimated that the government lost a total of GH¢4.7 billion in tax revenue as a result of illegal activities in the petroleum downstream sector,’’ Dr. Bawumia revealed.
The Vice President noted that the illegal activities take place in the sector because of lack of transparency.
He was hopeful that the retail outlet fuel monitoring system would help block revenue leakages and improve revenue mobilisation for the government to be able to provide social services to Ghanaians.
“We are looking forward to blocking revenue leakage and mobilising revenue to ensure development,” he said.
Energy Minister, Dr Matthew Opoku Prempeh, who lauded the initiative, urged the OMCs, Ghana Revenue Authority (GRA) and dealers to enroll onto the platform.
According to him, the initiative would promote economic development and ensure the profitability of the industry for all the players.