NPA fines Petro XP, Gtasark Oil, Finest Oil, and Lilygold Resources for engaging in illicit third party trading
The statement said the NPA had taken notice of infractions by some oil marketing companies (OMCs) who have engaged in illicit third party trading of petroleum products and has accordingly applied the requisite sanctions.
The National Petroleum Authority (NPA) has fined four oil marketing companies to a tune of GH¢595, 000 for various infractions.
The affected companies, Finest Oil, Petro XP, Gtasark Oil and Lilygold Resources Limited, were said to have engaged in illicit third party trading of petroleum products.
This was contained in a press release issued by the Corporate Affairs Directorate of NPA and sighted by the Ghanaian Times in Accra yesterday.
The statement said the NPA had taken notice of infractions by some oil marketing companies (OMCs) who have engaged in illicit third party trading of petroleum products and has accordingly applied the requisite sanctions.
According to the statement, Finest Oil would pay a fine of GH¢160,000.00 comprising of GH¢10,000.00 for engaging in third party supplies for the first time and GH¢150,000.00 for the unlawful lifting of petroleum products.
It said failure to comply would attract an additional one month’s suspension of its operations.
For Petro XP, they would pay a fine of GH¢340,000.00 comprising of GH¢10,000.00 for engaging in third party supplies for the first time and GH¢330,000.00 for the unlawful lifting of petroleum products.
According to the statement, failure to comply will attract an additional one month’s suspension of its operations.
Gtasark Oil is to pay a fine of GH¢95,000.00 comprising of GH¢10,000.00 for engaging in third party supplies for the first time and GH¢85,000.00 for the unlawful lifting of petroleum products.
It said failure to comply would attract an additional one month’s suspension of its operations.
The statement explained that Lilygold Resources Limited would pay a fine not exceeding five times the Licence/Permit fee for breaking the authority’s seals and failure to pay will result in the suspension of its operating licence in addition to paying the penalties meted out to it.
It said any company that fails to comply with the rules and guidelines stipulated by the NPA will be subjected to further sanctions.
Source: Ghanaian Times
