July 13, 2024
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NPA Sanctions 7 Oil Companies Over Foul Deals

In a move to regulate the distribution of petroleum products in Ghana, the National Petroleum Authority (NPA) has imposed sanctions on seven oil marketing companies for violating industry regulations.

The affected companies were found to have engaged in illicit practices in the distribution of petroleum products.

In a statement dated October 12, 2023, the NPA said it has applied the requisite sanctions, and the affected companies will pay fines ranging from GHS20,000 to GHS665,000.
Failure to comply with the fine payment and industry regulations will lead to a three-month suspension of the companies’ operations.

The seven affected companies and accompanying sanctions are Andev Co. Ltd, Beap Energy, BF Petroleum, Anasset Co. Ltd, Cost Energy, Compass Oleum Ltd, and Concord Oil Ltd.

They have all been accused of violating the NPA’s regulations, with some companies accused of lifting petroleum products without cross-zonal authorization while others engaged in third-party supplies.

The NPA has expressed its commitment to enforcing industry regulations and sanctions, and any company found to violate the rules will face further sanctions.

The NPA advises all petroleum products marketing companies to adhere to regulations and operate within the law to avoid sanctions.

Source: Daily Guide

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