The Chief Executive Officer (CEO) of the BDCs, Mr Senyo Hosi, said the figure was likely to rise if the government, security services and other stakeholders did not take immediate steps to stop the illicit activities of fuel smugglers.<\/p>\n
Already, Oil Marketing Companies (OMCs), including GOIL, Vivo (Shell), PUMA Energy, PETROSOL and ENGEN are posting millions of losses monthly, attributable to the unscrupulous activities.<\/p>\n The government would lose an estimated GH\u00a21.5 billion in revenue and taxes to illegal fuel trading activities in 2017 if the activities of culprits are not halted, industry watchers have warned.<\/p>\n NPA\u2019s assurance<\/strong><\/p>\n However, CEO of the National Petroleum Authority (NPA), Mr Hassan\u00a0Tampuli, assured the BDCs, OMCs and other stakeholders of moves to resolve the issues.<\/p>\n In an interview with the Daily Graphic, Mr Tampuli declined to give further details on the next line of action with the explanation that \u201cuntil we complete the sector agency\u2019s consultation, it will be premature to give further details.\u201d<\/p>\n Fuel prices\u00a0<\/strong><\/p>\n The report further noted that GOIL, Vivo Energy (Shell) and Total sold their fuel at higher prices as compared to other OMCs in the country during the months under review.<\/p>\n The CBOD report said despite the increase in the fuel prices at the pump, the companies still increased their market shares from 43.28\u00a0per cent\u00a0in 2016 to 45.09 per cent in 2017.<\/p>\n The increase in the market share of the three companies, the report noted, was due to the quality of service rendered by the cited companies.<\/p>\n \u201cTheir market share in 2017 increased from 43.28 per cent to 45.09 per cent. This suggests that consumer purchase decisions are increasingly being inspired by the quality of service and other factors and not just price,\u201d the report noted.<\/p>\n The report noted that FRIMPS Oil, Glory Oil and PUMA Energy continued to top the OMCs with the lowest price on the market.<\/p>\n –<\/p>\n Source: Graphic Online<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Bulk Oil Distributors (BDCs) have recorded about GH\u00a2140 million losses on margins due to activities of fuel smugglers. The losses were recorded between May and July 2017 mainly because the oil wholesalers and retailers were forced to lower their margins due to the presence of smuggled products on the market which sell far lower than […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[10301,7346,3],"yoast_head":"\n![\"Senyo](\"http:\/\/citifmonline.com\/wp-content\/uploads\/2017\/03\/Screen-Shot-2017-03-29-at-11.48.10-AM-1024x604.png\")