The National Petroleum Authority (NPA) has revoked the licenses of 13 Oil Marketing Companies (OMCs) for failing to settle debts totaling over GH₵200 million owed to various industry regulators.
These companies collected levies and margins on petroleum products but failed to remit the funds to the National Petroleum Authority, the Ghana Revenue Authority, and the Bulk Oil Storage and Transportation Company (BOST).
Riverson Oppong, Chief Executive of the Association of Oil Marketing Companies, disclosed the NPA’s decisive action in an interview with Joy Business, highlighting the seriousness of the situation in an industry that demands strict compliance with regulatory standards.
Mr. Oppong urged the NPA to further intensify its enforcement efforts by holding the directors of the defaulting companies accountable. He pointed out that some of these directors are allegedly operating other OMCs under different names, evading responsibility for their debts.
“The NPA has the details of these directors. Before a company is issued a license, the NPA requires the names of its directors. These names should be made public,” he argued, emphasizing that transparency is crucial to cleansing the industry of unscrupulous actors.
Mr. Oppong also warned that the deliberate accrual of debts by certain directors, who continue to operate additional OMCs, threatens the integrity of the sector.
In response, the NPA is introducing measures to prevent the accumulation of such debts in the future, as it seeks to maintain order and ensure compliance within Ghana’s petroleum marketing industry.
