Economic: Electronic fuel cards contribute to eliminating the smuggling of derivatives

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Economic analyst Safwan Qusay acknowledged on Thursday that electronic fuel cards will help to eliminate corruption in the field of oil derivatives and gasoline smuggling and reselling.

“The Central Bank’s policy is to track the Iraqi dinar in the markets by issuing electronic cards for the purpose of shopping and filling fuel,” Qusay told Al-Maalouma. This helps to the ability of stopping corrupt Iraqi dinar from entering the financial system and understanding the behavior of the card’s bearer.”

“Filling stations receive fuel from refineries, and no one knows who buys the derivatives or who is the ultimate beneficiary,” he continued. Local mafias have emerged in the past, as has the National Security Service.

He went on to say 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 went on to say 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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