The National Petroleum Authority (NPA) has sanctioned seven Petroleum Products Marketing Companies (PPMCs) for illicit distribution of petroleum products.
The PPMCs are Andev Company Limited, Beap Energy, BF Petroleum, Anasset Co. Ltd, Cost Energy, Compass Oleum Limited and Concord Oil Ltd.
They are to pay fines for violation of 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 Company Limited, it will pay a total fine of GH¢90,000.00. This comprises GH¢10,000.00 for violating UPPF regulations and GH¢10,000.00 each for eight counts of making false UPPF representations to the Authority.
Beap Energy is to pay a total fine of GH¢20,000.00, comprising GH¢10,000.00 for violating UPPF regulations and GH¢5,000.00 each for two counts of third-party supplies.
For BF Petroleum, the company will pay a total fine of GH¢95,000.00. This constitutes GH¢10,000.00 for violating UPPF regulations, GH¢5,000.00 each for ten counts of third-party supplies and GH¢5,000.00 each for seven counts of lifting petroleum products without cross-zonal authorisation.
Anasset Company Limited is to pay a total fine of GH¢50,000.00. This comprises GH¢10,000.00 for violating UPPF regulations, GH¢10,000.00 each for four counts of making false UPPF representations to the Authority.
Another company, Cost Energy is to pay a total fine of GH¢665,000.00, comprising GH¢10,000.00 for engaging in third-party supplies and GH¢5,000.00 each for 131 counts of third-party supplies.
Compass Oleum Limited will pay a total fine of GH¢350,000.00. This constitutes GH¢10,000.00 for violating UPPF regulations, GH¢5,000.00 each for fifteen counts of lifting petroleum products without cross zonal authorization and GH¢5,000.00 each for fifty-three counts of engaging in Third Party supplies.
Concord Oil Limited is to pay a total fine of GH¢65,000.00. This comprises GH¢10,000.00 for violating UPPF regulations, GH¢5,000.00 each for four counts of engaging in third-party supplies and GH¢5,000.00 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.
