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.
Latest Stories
-
BoG calls for industry-wide system to fight fraud across banks, fintechs and mobile money platforms
1 minute -
Flood-damaged Aflao Market road prompts temporary intervention as calls grow for permanent fix
13 minutes -
Recurring floods expose growing humanitarian crisis in Agbozume as hundreds receive emergency relief
20 minutes -
Margins delivers first GAM ID – President Barrow is inaugural recipient
29 minutes -
Drug Abuse and Ghana’s Human Security Crisis: The silent destruction of a generation’s potential
55 minutes -
Floods ravaged Ghana could generate GH¢556 in economic benefits for every GH¢1 invested in sanitation
1 hour -
Digital payments can formalise Ghana’s informal economy, but fraud threatens uptake – Economist
1 hour -
Gov’t pays $700m Eurobond bill ahead of schedule, total hits $2.1bn
1 hour -
‘Suspend it now’ – FABAG appeals directly to Mahama to halt new import verification programme
2 hours -
Gov’t cannot talk ease of doing business while adding more costs – FABAG rejects Ghana Easy Pass
2 hours -
You cannot threaten people into silence about their own history
2 hours -
‘This is another tax by another name’ – FABAG warns new import rules will push up prices
2 hours -
BoG injects $2.01bn into forex market as cedi records first monthly gain of 2026
2 hours -
Ghana congratulates U.S. on 250th Independence Anniversary
2 hours -
Science-driven conservation critical to Africa’s sustainable future – Prof Debrah
2 hours