The National Petroleum Authority (NPA) has fined seven Petroleum Service Providers almost $3 million for illicit third-party trading of petroleum products.
The NPA says the move is geared towards sanitising the sector and ensuring standard practice among businesses in the space.
The authority in a statement said it has “taken notice of infractions by some Petroleum Service Providers (PSPs) who have engaged in illicit third-party trading of petroleum products and has accordingly applied the requisite sanctions.”
It listed the affected companies and accompanying sanctions as follows:
1. That Moari Oil Co. Ltd pays a fine of GHS50,000.00 comprising of GHS10,000.00 for engaging in Third-Party Supplies and GHS40,000.00 for the unlawful lifting of petroleum products.
2. That Rodo Oil Co. Ltd pays a fine of GHS350,000.00 comprising of GHS10,000.00 for engaging in Third-Party Supplies, GHS340,000.00 for the unlawful lifting of petroleum products, and a one (1) month suspension of operations.
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3. That MBA Global Ltd pays a fine of GHS85,000.00 comprising of GHS 10,000.00 for engaging in Third-Party Supplies, GHS75,000.00 for the unlawful lifting of petroleum products, and one (1) month suspension of operations.
4. That Cigo Energy Ltd pays a fine of GHS245,000.00 comprising of GHS10,000.00 for engaging in Third-Party Supplies and GHS235,000 for the unlawful lifting of petroleum products.
5. That Torrid Global Ltd pays a fine of GHS550,000.00 comprising of GHS 10,000.00 for engaging in Third-Party Supplies and GHS540,000.00 for the unlawful lifting of petroleum products.
6. That Naddif Co. Ltd pays a fine of GHS150,000.00 comprising of GHS 10,000.00 for engaging in Third-Party Supplies, GHS140,000.00 for the unlawful lifting of petroleum products, and one (1) month suspension of operations.
7. That GAT Oil pays a fine of GHS120,000.00 comprising of GHS 10,000.00 for engaging in Third Party Supplies, GHS110,000.00 for the unlawful lifting of petroleum products, and one (1) month suspension of operations.
“Any company that fails to comply with the rules and guidelines stipulated by the National Petroleum Authority will be subjected to appropriate sanctions,’ it cautioned.
