The National Petroleum Authority (NPA) has saved millions of cedis for government by reducing volumes of smuggled petroleum products.

Statistics available at the Authority show that the volumes of petroleum products diverted to neighbouring countries have reduced from nearly 30 million litters in August 2017 to nearly 2 million litters in August 2018.

This represents a 93 per cent decline in volumes of smuggled petroleum products. At a meeting with operators in the downstream sector Chief Executive Officer of the NPA, Hassan Tampuli revealed that over 40 vehicles and a canoe have been impounded for engaging in illegal activities.

“As a result of the stringent measures to curb illegal activities, petroleum products exports to neighbouring countries has drastically reduced from nearly 30 million litters in August 2017 to nearly 2 million litters in August 2018. This represents a 93 per cent decline. 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. We at the Authority are poised to ensure protection is given to businesses of genuine players in the industry. We shall work with you to expose the fraudulent ones desperately trying to undermine the decency of the industry,” he said.

Mr Tampuli also hinted that there may soon be a reduction in fuel prices at the pumps due to the falling prices on the world market and the gains being made by the Cedi against the Dollar.

“The consuming public should be rest assured that the benefits of the falling prices of petroleum products on the international market as we have observed this past couple of days may be felt at the next pricing window all things being equal. As of today, the Ghana Cedi has made some gains against the United States Dollar.

“ The nearly 2 per cent decrease in the price of diesel and petrol as well as the observed 8 per cent decrease in the price of LPG will be passed onto the public through pump prices all things being equal. That is how the deregulated market works. The NPA will no longer be able to determine prices by just sitting in the offices and announcing prices. When you hear some civil society groups that we have nicodemously smuggled prices at the pumps it is one that we all have to take pains to address.”

Present at the meeting were representatives of the Tema Oil Refinery, The Tanker Owners Union, Chamber of Bulk Oil Distributors, Ghana Petroleum Tanker Drivers Association, LPG Marketing Companies and the Association of Oil Marketing Companies among others.