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.
Latest Stories
-
Let’s prioritize research quality in higher education institutions for industrial growth-Prof. Nathaniel Boso
7 hours -
Herman Suede is set to release ‘How Dare You’ on April 24
10 hours -
Heal KATH: Kuapa Kokoo, Association of Garages donate 120k to support project
10 hours -
KNUST signs MOU with Valco Trust Fund, Bekwai Municipal Hospital to build student hostel
11 hours -
The influence Ronaldo has on people, Cadman Yamoah will have same on the next generation – Coach Goodwin
11 hours -
Gender Advocate Emelia Naa Ayeley Aryee Wins prestigious Merck Foundation Awards
12 hours -
South Africa bursary scandal suspects granted bail
13 hours -
Ecobank successfully repays $500m Eurobond due April 18
13 hours -
Re: Doe Adjaho, Torgbui Samlafo IV, call for Unity among Paramountcies in Anlo
13 hours -
Extortion and kidnap – a deadly journey across Mexico into the US
13 hours -
Rihanna says fashion has helped her personal ‘rediscovery’ after having children
13 hours -
Development Bank Ghana targets GH¢1bn funding for commercial banks in 2024
13 hours -
Shatta Movement apologises to Ghana Society of the Physically Disabled after backlash
14 hours -
Sammy Gyamfi writes: Tema-Mpakadan Railway Project; A railway line to nowhere
15 hours -
Bright Simons: Is the World Bank saving or harming Ghana?
15 hours