NPA impose sanctions on four OMCs for engaging in illicit third-party trading

The National Petroleum Authority (NPA) has announced the imposition of sanctions on four Oil Marketing Companies (OMCs) in the country.

This was after NPA noticed that the OMCs have been engaging in illicit third-party trading of petroleum products.

The sanctioned companies include Finest Oil, Petro XP, Glasark Oil, and Lilygold Resources Ltd.

The NPA in its release confirming the sanctions on the four OMCs stressed that any company that fails to comply with the rules and guidelines stipulated by the National Petroleum Authority will be subjected to further sanctions.

The affected companies and accompanying sanctions are as follows;

1. That Finest Oil will pay a fine of GHS160,000.00 comprising of GHS10,000.00 for engaging in Third Party Supplies for the first time and GHS150,000.00 for the unlawfullifting of petroleum products. Failure to comply will attract an additional one (1) month's suspension of its operations.

2. That Petro XP will pay a fine of GHS340,000.00 comprising of GHS10,000.00 for engaging in Third Party Supplies for the first time and GHS330,000.00 for the unlawful lifting of Petroleum products. Failure to comply will attract an additional one (1) month's suspension of its operations.

3. That Glasark Oil will pay a fine of GHS95,000.00 comprising of GHS10,000.00 for engaging in Third Party Supplies for the first time and GHS85,000.00 for the unlawful lifting of Petroleum products. Failure to comply will attract an additional one(1)month's suspension of its operations.

4. That Lilygold Resources Ltd will pay a fine not exceeding five (5) times the License/Permit fee for breaking the Authority's seals and failure to pay will result in the suspension of its operating license in addition to paying the Penalties meted out to it.