Economic: Electronic fuel cards contribute to eliminating the smuggling of derivatives
Economic: Electronic fuel cards contribute to eliminating the smuggling of derivatives
11-30-2023
Information / Baghdad…
Economic expert, Safwan Qusay, confirmed on Thursday that electronic fuel cards will contribute to eliminating the corruption occurring in the file of oil derivatives and fuel smuggling and selling it in the markets.
Qusay told Al-Maalouma, “The policy of the Central Bank is to track the Iraqi dinar in the markets by issuing electronic cards for the purpose of shopping and filling fuel. This contributes to the possibility of preventing the corrupt Iraqi dinar from entering the banking system and knowing the behavior of the holder of this card.”
He added, “Filling stations receive fuel from refineries, and no one knows who is buying the derivatives or who is the final beneficiary. Local mafias have formed during the past periods and the National Security Service was able to arrest a number of smugglers.”
He stated that “the presence of credit cards enables the Ministry of Oil to know the quantities received from the stations and the people purchasing their products, and the same is true for private generators.”
He pointed out that “this system will contribute to stopping the sale of derivatives at prices lower than the commercial price in the local market, especially since there are those who are trying to obtain fuel at the state price and sell it in the market at a higher price, and therefore the electronic card mechanism contributes to eliminating corruption in the file of derivatives and smuggling.”
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