Ghana’s petroleum downstream regulator, National Petroleum Authority (NPA), has served notice to over 150 Oil Marketing Companies (OMCs) who owe Primary Distribution Margin to the tune of Gh¢122 million (US$14,713,200) to settle before the 4th of August 2022 or face sanctions.
The Primary Distribution/Transmission Margin goes into a fund in which proceeds are used to offset costs incurred in moving products from the Bulk Oil Storage and Transportation Company Limited (BOST) receiving depot to other BOST depots across the country.
Per the law, payment of margins is to be made 45 days after lifting of products and defaulting OMCs are deactivated from loading.
However, records at the NPA show that the defaulting OMCs owe margins for products lifted between December 2021 and April 2022.
A public notice issued by the Corporate Affairs Department of the NPA said the Authority would initiate legal action to recover all outstanding debts against any OMC that failed to settle its debt by the deadline of 4th August 2022.