Chamber of Bulk Oil Distributors welcomes government’s fresh standards for Oil and Gas Sector

The Chamber of Bulk Oil Distributors (CBOD) has endorsed the Ministry of Energy’s new standard for measurements in the oil and gas sector, aimed at enhancing revenue assurance. This standard, developed collaboratively by the Ghana Standards Authority (GSA) with the Ministry of Trade and Industry and other stakeholders, mandates all entities involved in revenue assurance to comply.

The CBOD supports a unified measurement system certified by the GSA to ensure accurate and reliable data. The Chamber advocates for a streamlined regulatory framework where the private sector plays a significant role, with the government maintaining oversight. CBOD suggests that meters mandated by the GSA could be installed by the Depot, the National Petroleum Authority (NPA), or the Ghana Revenue Authority (GRA), with the GSA responsible for regular calibration. This approach aligns with international best practices and avoids unnecessary duplication, reducing costs for consumers.

The Chamber emphasizes that all regulations should serve the national interest under state and regulatory oversight. While supporting the GRA’s efforts for revenue assurance, CBOD insists that any institution involved must comply with standards set by the GSA and the Ministry of Trade and Industry to ensure a transparent and efficient measurement system.