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Business & Finance

NPA fines 7 petroleum service providers GHS1.5m for third-party trading, unlawful lifting

By : cd on 24 May 2022, 12:55     |     Source: classfmonline

Mustapha Hamid, NPA Boss

The National Petroleum Authority (NPA) has said it has taken notice of some 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.

A statement from the corporate affairs department of the NPA listed the affected companies and accompanying sanctions as follows:

That Moari Oil Co. Ltd pay a fine of GHS50,000.00 comprising GHS10,000.00 for engaging in third-party supplies and GHS40,000.00 for the unlawful lifting of petroleum products.

That Rodo Oil Co. Ltd pay a fine of GHS350,000.00 comprising GHS10,000.00 for engaging in third-party supplies, GHS340,000.00 for the unlawful lifting of petroleum products and a one-month suspension of operations.

That MBA Global Ltd pay a fine of GHS85,000.00 comprising GHS 10,000.00 for engaging in third-party supplies, GHS75,000.00 for the unlawful lifting of petroleum products and a one-month suspension of operations.

That Cigo Energy Ltd pay a fine of GHS245,000.00 comprising GHS10,000.00 for engaging in third-party supplies and GHS235,000 for the unlawful lifting of petroleum products.

That Torrid Global Ltd pay a fine of GHS550,000.00 comprising GHS 10,000.00 for engaging in third party supplies and GHS540,000.00 for the unlawful lifting of petroleum products.

That Naddif Co. Ltd pay a fine of GHS150,000.00 comprising GHS 10,000.00 for engaging in third-party supplies, GHS140,000.00 for the unlawful lifting of petroleum products and a one-month suspension of operations.

That GAT Oil pay a fine of GHS120,000.00 comprising GHS 10,000.00 for engaging in third-party supplies, GHS110,000.00 for the unlawful lifting of petroleum products and a one-month suspension of operations.

The NPA said any company that fails to comply with the rules and guidelines stipulated will be subjected to appropriate sanctions.