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Yaoundé - 25 October 2020 -
Economy

Hydrocarbon Prices Stabilization Fund opens a single account to boost petroleum tax and equalization payments collection

Hydrocarbon Prices Stabilization Fund opens a single account to boost petroleum tax and equalization payments collection
  • Comments   -   Friday, 18 September 2020 12:25

(Business in Cameroon) - Cameroon’s national Hydrocarbon Prices Stabilization Fund (HPSF) recently opened an account at CCA-Bank for the collection of various taxes and equalization payments.

It, therefore, invites its distributors (Total, Texaco, OiLibya, Tradex, Camoco, Petrolex, Algo, Delta Petroleum, and First Oil for liquid products and Sctm, Camgaz, Aza Africagaz, and Kosan Crisplant for liquefied petroleum gas) to pay their taxes and equalization payments in that account.

According to internal sources at the HPSF, the new account will boost tax and equalization payments collection. The fund was created to regulate hydrocarbon prices. Depending on its financial capabilities, it bears all or part of the costs when the prices of products it distributes (via its distributors) rise.

Since the liberalization of the downstream oil sector in 1998, HPSF has been ensuring the national supply by regulating stocks and prices. It also makes sure the competition is healthy between operators in the sector. Also, it protects consumers via two mechanisms: stabilization and equalization payments.

Sylvain Andzongo

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