NPA Revokes Licenses of 13 Oil Marketing Companies Over GH₵200 Million in Unsettled Debts

The National Petroleum Authority (NPA) has revoked the licenses of 13 Oil Marketing Companies (OMCs) in response to their failure to settle debts exceeding GH₵200 million owed to industry regulators.

The affected companies had collected levies and margins on petroleum products but failed to remit these funds to the National Petroleum Authority, the Ghana Revenue Authority, and the Bulk Oil Storage and Transportation Company.

Riverson Oppong, Chief Executive of the Association of Oil Marketing Companies, revealed the NPA’s actions in an interview with Joy Business, underscoring the gravity of the situation in an industry that demands strict adherence to regulatory standards.

Mr Oppong called for the NPA to intensify its enforcement efforts by targeting the directors of the defaulting companies, some of whom are reportedly operating other OMCs under different names.

“The details of the directors of these companies are with the NPA. Before any company is issued a license, the NPA demands the names of the directors of the company. These names should be made public,” he stated, arguing that such transparency is essential to cleanse the industry of bad actors.

He also cautioned that the deliberate accrual of debts by some directors, who continue to operate additional OMCs, poses a significant risk to the integrity of the sector.

 In the meantime, measures are being introduced to prevent the accumulation of such debts in the future, as the NPA seeks to maintain order and compliance within Ghana’s petroleum marketing industry.

Source:norvanreports.com