Four oil companies hit with big fines for breaking rules
The National Petroleum Authority (NPA) has imposed heavy fines on four Oil Marketing Companies (OMCs) for violating regulations regarding illicit third-party trading and unlawful lifting of petroleum products.
Finest Oil has been fined GH₵160,000, comprising GH₵10,000 for engaging in third-party supplies for the first time and GH₵150,000 for the unlawful lifting of petroleum products. The company faces an additional one month suspension of its operations if it fails to comply with the sanction.
Petro XP will pay a fine of GH₵340,000, comprising GH₵10,000 for engaging in third-party supplies for the first time and GH₵330,000 for the unlawful lifting of petroleum products. The company will also face a one month suspension of its operations if it fails to comply.
Glasark Oil has been fined GH₵95,000, comprising GH₵10,000 for engaging in third-party supplies for the first time and GH₵85,000 for the unlawful lifting of petroleum products. The company will also face a one month suspension of its operations if it fails to comply.
Lilygold Resources Limited will pay a fine not exceeding five times the license/permit fee for breaking the Authority’s seals. Failure to pay will result in the suspension of its operating license in addition to paying the penalties.
The NPA has issued a warning to all companies operating in the sector, stating that failure to comply with the rules and guidelines stipulated by the Authority will result in further sanctions.
This crackdown on violators serves as a reminder to all OMCs to adhere to regulations and maintain fair competition in the industry.
