The National Petroleum Authority (NPA) has levied fines on seven Petroleum Products Marketing Companies (PPMCs) for their involvement in the unlawful distribution of petroleum products.
They are obligated to pay fines due to their violations of Unified Petroleum Pricing Fund (UPPF) regulations, false representations related to UPPF made to the Authority, and their involvement in third-party supplies.
Failure by these affected companies to settle the fines will result in a three-month suspension of their operations.
Specifically, Andev Co. Ltd is facing a total fine of GHS90,000.00, which includes GHS10,000.00 for breaching UPPF regulations and GHS10,000.00 for each of eight (8) counts of making false UPPF representations to the Authority.
Beap Energy has been ordered to pay a total fine of GHS20,000.00, comprised of GHS10,000.00 for violating UPPF regulations and GHS5,000.00 for each of two (2) counts of third-party supplies.
For BF Petroleum, the company will pay a total fine of GHS95,000.00, which includes GHS10,000.00 for violating UPPF regulations, GHS5,000.00 for each of ten (10) counts of third-party supplies, and GHS5,000.00 for each of seven (7) counts of lifting petroleum products without cross-zonal authorization.
Anasset Co. Ltd is facing a total fine of GHS50,000.00, which includes GHS10,000.00 for violating UPPF regulations and GHS10,000.00 for each of four (4) counts of making false UPPF representations to the Authority.
Cost Energy, another company, has been directed to pay a total fine of GHS 665,000.00, which includes GHS10,000.00 for engaging in third-party supplies and GHS5,000.00 for each of one hundred and thirty-one (131) counts of third-party supplies.
Compass Oleum Ltd is subject to a total fine of GHS350,000.00, comprised of GHS10,000.00 for violating UPPF regulations, GHS5,000.00 for each of fifteen (15) counts of lifting petroleum products without cross-zonal authorization, and GHS5,000.00 for each of fifty-three (53) counts of engaging in third-party supplies.
Concord Oil Ltd has been fined a total of GHS65,000.00, which includes GHS10,000.00 for violating UPPF regulations, GHS5,000.00 for each of four (4) counts of engaging in third-party supplies, and GHS5,000.00 for each of seven (7) counts of lifting petroleum products without cross-zonal authorization.
The NPA has cautioned that any company failing to adhere to the approved rules and regulations stipulated by the Authority will be subject to additional sanctions.
The UPPF serves the purpose of ensuring uniform prices for petroleum products across the country.
The National Petroleum Authority (NPA) has imposed penalties on seven Petroleum Products Marketing Companies (PPMCs) for engaging in the illicit distribution of petroleum products.
They are obligated to pay fines due to their violations of Unified Petroleum Pricing Fund (UPPF) regulations, false representations related to UPPF made to the Authority, and their involvement in third-party supplies.
Failure by these affected companies to settle the fines will result in a three-month suspension of their operations.Specifically, Andev Co. Ltd is facing a total fine of GHS90,000.00, which includes GHS10,000.00 for breaching UPPF regulations and GHS10,000.00 for each of eight (8) counts of making false UPPF representations to the Authority.
Beap Energy has been ordered to pay a total fine of GHS20,000.00, comprised of GHS10,000.00 for violating UPPF regulations and GHS5,000.00 for each of two (2) counts of third-party supplies.
For BF Petroleum, the company will pay a total fine of GHS95,000.00, which includes GHS10,000.00 for violating UPPF regulations, GHS5,000.00 for each of ten (10) counts of third-party supplies, and GHS5,000.00 for each of seven (7) counts of lifting petroleum products without cross-zonal authorization.
Anasset Co. Ltd is facing a total fine of GHS50,000.00, which includes GHS10,000.00 for violating UPPF regulations and GHS10,000.00 for each of four (4) counts of making false UPPF representations to the Authority.
Cost Energy, another company, has been directed to pay a total fine of GHS 665,000.00, which includes GHS10,000.00 for engaging in third-party supplies and GHS5,000.00 for each of one hundred and thirty-one (131) counts of third-party supplies.Compass Oleum Ltd is subject to a total fine of GHS350,000.00, comprised of GHS10,000.00 for violating UPPF regulations, GHS5,000.00 for each of fifteen (15) counts of lifting petroleum products without cross-zonal authorization, and GHS5,000.00 for each of fifty-three (53) counts of engaging in third-party supplies.Concord Oil Ltd has been fined a total of GHS65,000.00, which includes GHS10,000.00 for violating UPPF regulations, GHS5,000.00 for each of four (4) counts of engaging in third-party supplies, and GHS5,000.00 for each of seven (7) counts of lifting petroleum products without cross-zonal authorization.The NPA has cautioned that any company failing to adhere to the approved rules and regulations stipulated by the Authority will be subject to additional sanctions.The UPPF serves the purpose of ensuring uniform prices for petroleum products across the country.
