NPA Revokes Licenses Of 30 Oil Marketing Companies

The National Petroleum Authority (NPA) has revoked the licenses of 30 Oil Marketing Companies (OMCs) for breaching the regulations of the industry. Some of the OMCs are said to owe the government over ¢400 million cedis in the form of unpaid taxes by the end 0f 2022.

A list of the companies published by the NPA said the licenses of the “OMCs have been revoked for non-compliance with the rules and regulations of the authority on acquisition and maintenance of their licenses”. The NPA cautioned that it will bear no liability for any loss or damage that may be suffered by any person who chooses to engage with the affected OMCs in whatever capacity.

“The General Public is hereby warned that engaging with the affected OMCs is at their own risk”, it added. The NPA in September 2022 went after the directors and shareholders of some 45 Oil Marketing Companies (OMC) over debts running into more than ₵400 million.

These were margins and other levies that have been collected by the OMCs since 2021, but have failed to pay the monies to the NPA. ¢68 million cedis out of the debt was coming from the Primary Distribution Margin Fund These monies were paid by consumers at the pumps, and were supposed to be repaid to the regulator at the end of every operational month.