The National Petroleum Authority (NPA) has taken stringent measures against seven players in the Petroleum Products Marketing sector. The NPA’s actions come in response to a series of violations that have raised concerns about the industry’s adherence to the Unified Petroleum Pricing Fund (UPPF) regulations and other transgressions.
Among the firms facing sanctions, Andev Co. Ltd is to bear a substantial financial burden, with a total fine amounting to ¢90,000. This sum includes ¢10,000 for violations of UPPF regulations, alongside ¢10,000 for each of eight counts related to making false UPPF representations to the NPA.
Beap Energy, another company in the spotlight, has been ordered to pay a fine of ¢20,000. This consists of ¢10,000 in connection with UPPF regulations violations and ¢5,000 for each of two counts associated with third-party supplies.
BF Petroleum has incurred one of the heftiest penalties, facing a total fine of ¢95,000. This figure includes ¢10,000 for violating UPPF regulations, ¢5,000 for each of ten counts related to third-party supplies, and an additional ¢5,000 for each of seven counts linked to the lifting of petroleum products without proper cross-zonal authorization.
Anasset Co. Ltd, too, has been reprimanded by the NPA, with a total fine of ¢50,000. This comprises ¢10,000 for violations of UPPF regulations, and an additional ¢10,000 for each of four counts pertaining to making false UPPF representations to the regulatory body.
Cost Energy has been subjected to a substantial fine of ¢665,000, predominantly stemming from a ¢10,000 penalty for engaging in third-party supplies and ¢5,000 for each of the staggering 131 counts associated with third-party supplies.
Additionally, Compass Oleum Ltd has been asked to pay a total fine of ¢350,000, with this amount including ¢10,000 for UPPF regulations breaches, ¢5,000 for each of the 15 counts related to the improper lifting of petroleum products without the necessary cross-zonal authorization, and a further ¢5,000 for each of the 53 counts pertaining to the engagement in third-party supplies.
Lastly, Concord Oil Ltd is faced with a total fine of ¢65,000, comprising ¢10,000 for UPPF regulations violations, ¢5,000 for each of four counts linked to third-party supplies, and an additional ¢5,000 for each of seven counts related to the improper lifting of petroleum products without cross-zonal authorization.
The NPA has emphasized that failure to remit these fines within the stipulated timeframe may result in a three-month suspension of operations for the implicated companies. This serves as a stark reminder to all industry participants of the importance of strict adherence to the rules and regulations mandated by the Authority, which are designed to ensure uniform pricing of petroleum products across Ghana.
Source: Norvanreports