Companies starting their business activity in the liquid fuels market are often mistaken about the obligation to accumulate and maintain the compulsory stocks of liquid fuels. It is common opinion that the company has the above mentioned obligations after the firs year in its business activity.
But due to the Act of 16 February 2007 on stocks of crude oil, petroleum products and natural gas, the principles of proceeding in circumstances of a threat to the fuel security of the State and disruption on the petroleum market (amendment of 1 January 2015) producers and traders are obliged to accumulate and maintain the compulsory stocks of crude oil and liquid fuels starting with the first month, when the product was first brought on to the Polish market. Moreover, the application for the entry into the register of Material Reserves Agency should be made within 14 days of the commencement of a business activity in the scope subject to the obligation to accumulate and maintain the compulsory stocks of crude oil and fuels, which is in practice 14 days before the first delivery of the product is made. Our company recommends cooperating only with consulting agencies that have proper experience in this specific area, because of the financial risk, which may be incurred because of a mistake in documentation or calculation of compulsory inventories is considerable.
It should be emphasized that the huge financial penalty shall be imposed on any company that fails to comply with the obligation to accumulate and maintain the compulsory stocks of fuels, which is 4500 PLN for each m3 of insufficient volume of the compulsory inventories, along with blocking bank accounts of the company and the loss of its operating license. That’s why we are fully aware of the responsibility, which our clients put on us while working on the above-mentioned scope of activities.
Our company offers its assistance in preparation for the application of entry into the register of Material Reserves Agency. For the most part, our clients entrust us with decisions about the best way of maintaining compulsory stocks of fuels. In these cases, we take into consideration price and comfort for the client and offer:
- decisions about the subject that will provide fuel storage services on behalf of the client, based on market analysis and research of free terminals capacity in Poland;
- decision about the substitute product if necessary (including maintenance of the compulsory stocks of crude oil);
- monthly reports for the Agency;
We also provide services on periodical calculations of the required states of stocks tax for the state of inventories of crude oil and fuels maintained by the Material Reserves Agency, apart from compulsory stocks of fuels established and maintained by producers and traders.