Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), has sanctioned four Oil Marketing Companies (OMCs) for engaging in illicit third-party trading and unlawful lifting of petroleum products.
The companies are Finest Oil, Petrol XP, Glasark Oil and Lilygold Resources Limited.
Per the sanction, Finest Oil will pay a fine of GHS160,000.00 comprising GHS10,000.00 for engaging in third-party supplies for the first time and GHS150,000.00 for the unlawful lifting of petroleum products.
Failure by the company to comply would attract an additional month’s suspension of its operations.
In the case of Petro XP, it would pay a fine of GHS340,000.00 comprising GHS10,000.00 for engaging in third-party supplies for the first time and GHS330,000.00 for the unlawful lifting of petroleum products. If Petro XP fails to comply, it would attract an additional month’s suspension of its operations.
Glasark Oil has been fined GHS95,000.00 comprising GHS10,000.00 for engaging in third-party supplies for the first time and GHS85,000.00 for the unlawful lifting of petroleum products.
Failure by the company to comply will attract an additional one (1) month’s suspension of its operations.
For Lilygold Resources Limited, it would pay a fine not exceeding five (5) times the licence/permit fee for breaking the Authority’s seals, and failure to pay would result in the suspension of its operating licence in addition to paying the penalties.
The NPA cautioned that any company that failed to comply with the rules and guidelines stipulated by the Authority would be subjected to further sanctions.
Source: https://energynewsafrica.com