NPA Archives - Page 4 of 4

22 Oct

‘Government Does Not Set Fuel Prices: Debunk Claims’ -Osafo Marfo

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A communications team member of the New Patriotic Party (NPP), Felix Osafo Marfo, has stated emphatically that government does not set fuel prices under the new regulations as speculated by the National Democratic Congress (NDC). He said this when he joined Kwaku Dawuro on Movement In The Morning Show. Speaking he said that ''someone once asked why government allows the increase of fuel prices. In 1980, the government of Ghana argued to de-regulation. Prior to that, the National Petroleum Authority (NPA) sets fuel prices. After the introduction of the de-regulation system, OMCC now sets the prices of fuel. NDC’s are…

12 Oct

NPA Fines 9 OMCs ¢2.2m For Unlawful Lifting Of Petroleum Products

wontumionlineBusinessNPA

The National Petroleum Authority (NPA) has fined nine (9) oil marketing companies (OMCs) ₵2,215,000 cedis for engaging in illicit Third-Party trading of petroleum products, and unlawful lifting of petroleum products. The companies are Bello Petroleum, Jas Petroleum, Oval Energy, Kros Energy, Safety Petroleum, Santol Energy. The rest are Riseglobe Energy, Sayon Energy and Cigo Energy. A release issued by the NPA directed that “Cigo Energy pay a fine of ₵725,000.00 comprising ₵30,000.00 for engaging in third party supplies for the second time and ₵695,000.00 by for the unlawful lifting of petroleum products.” Sayon Energy was fined ₵425,000.00 comprising ₵10,000.00 for…

30 Sep

Demand For Petroleum Products Grows 41%

wontumionlineBusinessNPA, Petroleum

Chief Executive Officer of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid says demand for petroleum products in the country has seen significant growth from an average of 7 to 41 percent in 2021. According to him, the unprecedented surge in consumption is as result of various technological based schemes and interventions being implemented by the downstream regulator to curb illicit fuel activities over the past few months. Dr. Abdul-Hamid said this at the official opening of the 5th Edition of the Ghana International Petroleum Conference (GhIPCon), in Accra on Wednesday, 28th September 2022, The 3-day conference is on the…

28 Sep

17 Oil Companies Fail To Pay Taxes — Auditor General’s Report

wontumionlineBusinessNPA, Oil companies, Oil marketing companies

Seventeen Oil Marketing Companies (OMCs) did not pay duties and taxes totalling GH¢249,800,802.28 on 219,995,530 litres of fuel products lifted for the period January 2020 to December 2021. The Auditor General’s report on the audit of ministries, departments and agencies noted the discrepancy from the Integrated Customs Management System (ICUMS). Twenty-eight Oil OMCs failed to settle their rescheduled debts of GH¢402,049,571.70. This is contrary to Section 47 of the Revenue Administration Act, 2016 (Act 915). The law provides that a taxpayer may apply in writing to the Commissioner-General for an extension of time to pay tax under the tax law.…

20 Sep

NPA, Security Agencies Raid Illegal Cylinder Refurbishing Facility

wontumionlineBusinessAkua Ntiwaa Kwakye, NPA

The National Petroleum Authority (NPA) in collaboration with the Ghana National Fire Service (GNFS), and the Ghana Police have raided an illegal cylinder refurbishing facility and arrested seven suspects in Makola, Accra. The suspects, who were arrested following a tip-off, were engaged in refurbishing damaged cylinders, and re-introducing them into the market. Three trucks of ceased cylinders ranging from 5kg to 14.5kg, wielding tools, cutting, and grinding tools, paints and accessories were retrieved from them during the operation on Friday [16/09/2022]. Briefing the media, Director of Gas at NPA, Mrs. Akua Ntiwaa Kwakye said “upon the Authority’s investigations, we found…