Audio By Carbonatix
The National Petroleum Authority (NPA) has sanctioned seven Petroleum Products Marketing Companies (PPMCs) for illicit distribution of petroleum products.
They are to pay fines for violating Unified Petroleum Pricing Fund (UPPF) regulations, making false UPPF representations to the authority, and engaging in third-party supplies.
Failure by the affected companies to pay the fines will lead to a three-month suspension of their operations.
In the case of Andev Co. Ltd, it will pay a total fine of ¢90,000. This comprises ¢10,000 for violating UPPF regulations and ¢10,000 each for eight counts of making false UPPF representations to the Authority.
Beap Energy is to pay a total fine of ¢20,000, comprising ¢10,000 for violating UPPF regulations and ¢5,000 each for two counts of third-party supplies.
For BF Petroleum, the company will pay a total fine of ¢95,000. This constitutes ¢10,000 for violating UPPF regulations, ¢5,000 each for 10 counts of third-party supplies and ¢5,000 each for seven counts of lifting petroleum products without cross-zonal authorization.
Anasset Co. Ltd is to pay a total fine of ¢50,000. This comprises ¢10,000 for violating UPPF regulations, ¢10,000 each for four counts of making false UPPF representations to the Authority.
Another company, Cost Energy is to pay a total fine of ¢665,000, comprising ¢10,000 for engaging in third-party supplies and ¢5,000 each for 131 counts of third-party supplies.
Compass Oleum Ltd will pay a total fine of ¢350,000. This constitutes ¢10,000 for violating UPPF regulations, ¢5,000 each for 15 counts of lifting petroleum products without cross-zonal authorization and ¢5000 each for 53 counts of engaging in Third Party supplies.
Concord Oil Ltd is to pay a total fine of ¢65,000. This comprises ¢10,000 for violating UPPF regulations, 5,000 each for four counts of engaging in third-party supplies and ¢5,000 each for seven counts of lifting Petroleum products without cross-zonal authorization.
The NPA cautioned that any company that fails to comply with the approved rules and regulations stipulated by the Authority would be subjected to further sanctions.
The UPPF ensures that prices of petroleum products are the same across the country.
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