The National Petroleum Authority (NPA) has revoked the licenses of several Oil Marketing Companies (OMCs) in Ghana over the past two years due to their failure to meet regulatory requirements, according to Abass Ibrahim Tasunti, Director of Regulation and Planning at the NPA.

Speaking on Joy News’ PM Express Business Edition on Thursday, October 4, he highlighted that the NPA is continuously working to strengthen these requirements to ensure compliance and maintain the integrity of the industry.

“Every company has to meet certain requirements to obtain a license, and these are publicly available on our website. If you meet the requirements, you get the license, just like in any other business,” Abass Tasunti explained.

He acknowledged concerns about the rising number of OMCs but noted that the regulatory framework is designed to address these concerns.

“Over the past two years, we’ve revoked a number of licenses because some companies were not meeting the necessary standards,” he added.

Abass Tasunti stated that the NPA has been updating the regulatory requirements over time to align with global standards and ensure that only qualified companies operate in the industry.

“We are always looking at how we can raise the bar to ensure only companies that meet the strict standards are allowed to operate,” he said.

While new companies continue to meet the necessary standards and enter the market, Abass Tasunti underscored that the industry itself plays a critical role in identifying and addressing non-compliant companies.

He expressed optimism that industry stakeholders, through collaboration with NPA, will continue to strengthen regulatory oversight.