Some people who sell fuel oil may be engaged in various types of fraud in order to make money. Bunkering fraud refers to the fraud conducted when a ship is refueling with a bunkering barge. Similar fraud can exist wherever fuel is sold (such as the pumps at gas stations).
Ways fraud may be committed:
(1) intentional miscalculations in conjunction with volume flow measurements
(2) pumps that are inaccurate or miscalibrated
(3) contaminants (water, air, etc)
(4) fuel of lower quality
(5) incorrect data inputs (temperature, density, etc)
The practice is more prevalent when:
(1) there is lax regulatory oversight
(2) fuel prices are high
(3) poor monitoring by receiver
To read more or access our algorithms and calculators, please log in or register.
