Mustapha Hamid
The National Petroleum Authority (NPA) has sanctioned seven oil marketing companies in the country for their involvement in the illicit distribution of petroleum products that contravene the authority’s regulations.
Andev Co. Ltd, Beap Energy, BF Petroleum, Anasset Co. Limited, Cost Energy, Compass Oleum Limited, and Concord Oil Limited are the companies involved.
Andev Company Limited has been sanctioned to pay a total fine of GH¢90,000.00, according to an official statement issued by the authority on October 12, 2023, of which GH¢10,000.00 is for violating the Unified Petroleum Pricing Fund (UPPF) Scheme and GH¢10,000.00 each for eight counts of making false UPPF representations to authorities.
Beap Energy, on the other hand, was fined GH¢ 20,000.00, with GH¢10,000.00 for violating the UPPF laws and GH¢5,000.00 each for third-party supplies.
Similarly, BF Petroleum was fined GH¢95,000.00 of which GH¢10,000.00 for violating UPPF regulations, GH¢5,000.00 for ten counts of third-party supplies, and GH¢5,000.00 each for seven counts of lifting petroleum products without crossing zonal authority.
Anasset Company Limited was charged to pay a fine of GH¢50,000.00 which comprises GH¢10,000.00 for UPPF violation, GH¢10,000.00 each for four counts of making false UPPF representations to the authority.
Cost Energy will also pay a total of GH¢665,000.00 of which GH¢10,000.000 portion of the fine was for engaging in third-party supplies while GH¢5,000.00 was for each of the 131 counts of third-party supplies.
Additionally, Compass OleumLimited was fined a total of GH¢350.000.00 of which GH¢10,000.00 was a portion for violating UPPF regulations, GH¢5,000.00 each for 15 counts of lifting petroleum products without cross-zonal authority, and GH¢5,000.00 each for 53 counts of engaging in third party supplies.
The statement also instructed Concord Oil Limited to pay a fine of GH¢65,000.00 of which a portion of GH¢10,000.00, for violation of regulations, GH¢5,000.00 each for four counts of engaging in third-party supplies and GH¢5,000.00 each for seven counts of lifting petroleum products without cross zonal authorization.
The NPA also warned the impacted companies that failure to comply with the penalty could result in a three-month suspension.
BY Prince Fiifi Yorke