We have been not acting illegally within the collection of the UPPF, additional margins – NPA

The particular National Petroleum Authority (NPA) has said that it is not performing illegally inreceiving revenues with the collection of the Unified Oil Price Fund (UPPF), MASS OIL Storage and Transport (BOST) and Fuel Tagging Margins. According to the Authority, the mandate to collect, charge or even receive revenue with respect to the UPPF, BOST and Fuel Tagging Margins is derived from the Nationwide Petroleum Authority (Prescribed Oil Pricing Formula), Regulations this year, Legislative Instrument (LI) 2186, passed by the Parliament from the Republic of Ghana within July 2012. A declaration from the Authority said “in accordance with LI 2186, the UPPF, BOST plus Fuel Marking Margins are usually Distribution Margins. The UPPF Margin is a margin integrated in the price buildup associated with petroleum products to compensate transporters who move petroleum items from the depots to the stores across the country and to ensure that we now have equal pricing of oil products in the country irrespective of the particular geographical location”. The declaration further indicated that “The BOST Margin is a perimeter incorporated in the buildup associated with petroleum prices used to protect the cost of maintenance and functions of BOST depots throughout the nation and to undertake the expansion programmes of the depots (this margin is gathered by BOST Co. Restricted and not NPA)”. Adding that will “It is without doubt the fact that absence of these margins within the price buildup would have impeded the achievement of the goals for which these margins had been introduced into the prescribed oil pricing formula. For example , standard pricing of petroleum items did not exist until the intro of the UPPF Margin within the 1990s”. PRESS RELEASEThe interest of the National Petroleum Expert (NPA) has been drawn to the statement made by the Hon. Member of Parliament for the Ajumako-Enyan-Esiam Constituency, Dr Cassiel Ato Forson, in which he falsely accused the NPA of performing with impunity and doing an act of illegality by receiving revenues with the collection of the Unified Oil Price Fund (UPPF), MASS OIL Storage and Transport (BOST) and Fuel Tagging Margins. The NPA wants to state that its requirement to collect, charge or obtain revenue with respect to the UPPF, BOST and Fuel Marking Margins is derived from the National Oil Authority (Prescribed Petroleum Prices Formula), Regulations 2012, Legal Instrument (LI) 2186, approved by the Parliament of the Republic of Ghana in Come july 1st 2012. In accordance with LI 2186, the UPPF, BOST plus Fuel Marking Margins are usually Distribution Margins. The UPPF Margin is a margin integrated in the price buildup associated with petroleum products to compensate transporters who move petroleum items from the depots to the stores across the country and to ensure that we now have equal pricing of oil products in the country irrespective of the particular geographical location. The BOST Perimeter is a margin incorporated within the buildup of petroleum costs used to cover the cost of upkeep and operations of BOST depots across the nation and also to undertake its expansion programs of the depots (this perimeter is collected by BOST Co. Limited and not NPA). The Fuel Marking Perimeter is also a margin included into the price buildup associated with petroleum products to pay for the particular marking of the products to avoid tax revenue loss, smuggling and adulteration of oil products. We wish to highlight that these margins are solely based on the cost of undertaking the particular prescribed activities and not for virtually every other reason. These margins were not just increased within 2021 but have been improved periodically since 2009 for this present time, due simply to the increases in the price of operations in these activities within the time. Regulations 9 in order to 13 of the LI 2186 determines how to review the particular prescribed petroleum pricing method, which states that the prices formula shall include these types of margins and the Authority will indicate these margins to deal with the above intended costs appropriately. It is without doubt that the lack of these margins in the cost buildup would have hindered the particular achievement of the objectives that these margins were launched into the prescribed petroleum prices formula. For example , uniform prices of petroleum products failed to exist until the introduction from the UPPF Margin in the 1990s. We therefore wish to condition emphatically that NPA can be acting legally as specific in the Prescribed Petroleum Prices Formula Regulations 2012, LI 2186 and that the UPPF, BOST and Fuel Tagging Margins charged in the cost buildup are not illegal fees as asserted by Doctor Cassiel Ato Forson. SIGNEDCORPORATE AFFAIRS DIVISIONSource: MyNewsGh. com/ 2021
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