The National Petroleum Authority (NPA) has suspended the issuance of new licenses to Bulk Import, Distribution and Export Companies (BIDECs) and Oil Marketing Companies (OMCs).
This was captured in a letter to the Bulk Oil Distribution Companies and OMCs on September 12, 2022, seen by Joy Business and signed by its Chief Executive, Dr. Mustapha Abdul-Hamid.
Why this action ?
The NPA in the letter emphasised that the action taken was as a result of a directive from the Energy Minister, Dr. Matthew Opoku Prempeh, as part of a broader strategy to sanitise the industry.
The letter also revealed that the move is to enable the Energy Ministry to undertake what it describes as a comprehensive review of the activities of petroleum service providers in the downstream industry.
The industry is facing a lot of challenges in recent times which include the inability of some OMCs to meet their tax obligations to the state.
According to the NPA, about 45 OMCs owe the authority about ¢400 million since last year.
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