THE BOTTOM – On September 9th, a press release went out acknowledging that Big Rock Engineering N.V. reported empty gasoline tanks and that it was halting fuel sales for the time being.
Today, Monday, September 11th, the Public Entity contacted the relevant authorities and Big Rock Engineering N.V. and arrived at a solution for the situation. All parties acknowledge that the cause of the situation was an error, where an incorrect amount of excise taxes was entered into the customs program.
Customs declared that despite all the preparation and communication that went into the release of the 2023 Tax Plan, an error occurred in the most recent rate adjustment that took place on July 1, 2023. They inadvertently increased the excise tax on gasoline to USD 8,35 p/HL, in the system to be used to calculate excise taxes, instead of USD 16,27 on July 1, 2023.
After the rectification by Customs, it appeared that Big Rock Engineering N.V. had been selling gasoline at a rate that was too low, because the increased excise taxes weren’t taken into consideration into the forming of the price over the last two gasoline tanks. The authorities acknowledge this and agree that this justifies gasoline prices temporarily going up to make up for the difference. Big Rock Engineering N.V. will spread the difference over the next 6 gasoline tanks.
Big Rock Engineering N.V. declared that on Tuesday, September 12th, estimated around 9 AM, gasoline sales will be resumed.