The Cabinet of Ministers regimented accounting of petroleum product losses

The Cabinet of Ministers adopted a resolution “On approval of norms for losses of petroleum products during their acceptance, storage, release, transshipment and transportation”. This was reported by the press service of the Ministry of Energy.

This document regiments the accounting of losses of petroleum products during receipt, storage, release, transshipment and transportation by road, rail, sea and river and pipeline transport.

Due to the lack of legal regulation of this issue in Ukraine, business entities that work with petroleum products experience significant financial losses. This is due to the need to pay excise tax and value added tax on petroleum products lost in the process of carrying out operations with them, mainly due to the natural property of such substances – volatility.

“The lack of accounting for losses leads to unjustified liability of officials of enterprises and negatively affects the financial condition of these companies in this area. In particular, this applies to enterprises belonging to the management of the State Agency of Ukraine reserve, the Ministry of Defense of Ukraine and other consumers of petroleum products,” the message says.

Tags: The Cabinet of Ministers, Naftogaz, contracts, oil, legislation, energy market, Oil refinery plant, foreign affairs, Kremenchuk refinery, law, negotiations, investments, price, agreement, volumes, oil products, oil deliveries, infrastructure, energy sector, technologies, Shmyhal, oil pipeline, decline in production, oil companies, oil reserves, Buslavets, The Ministry of Energy, economy, market, oil production, supplier, consumers

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