The National Petroleum Authority (NPA) has revoked the operational license of M3 Global Company Limited and 29 other oil marketing companies for not complying with the rules and regulations of the Authority regarding the acquisition and maintenance of licenses.
Among the affected companies are Abagurugu Oil Company Limited, Apex Petroleum Ghana Limited, Avos Oil Company Limited, Best Petroleum Limited, Bisvel Petroleum Services, Capstone Oil Limited, Deep Petroleum Limited, Diliman & Company Ltd., Glee Oil Limited, Golden Petroleum Limited, Green Petroleum Limited, Hak Oil Company Limited, Havilah Oil Ghana Limited, Hossana Oil Company Limited, Jas Petroleum Limited, Lilygold Energy Resources Limited, Maiga & Hhm Company Limited, Mba Global Petroleum Limited, Peta Energy Limited, Petro Afrique Ghana Limited, Precious Energy Ghana Limited, Q8 Oil (Gh.) Company Limited, Rigworld Petroleum Services Limited, Royal Roses Oil Company Limited, Titan Petroleum Limited, Union Oil Ghana Limited, Universal Oil Company Limited, Warren Oil Company Limited, and Zoe Petroleum Limited.
Dr. Mustapha Abdul-Hamid, the Chief Executive of the NPA, had earlier warned the Board members of the Association of Oil Marketing Companies (OMCs) that the Authority would not hesitate to revoke the licenses of industry players who continually flout the rules.
He stressed that it was in the best interest of the industry players that the market was regulated properly because if the industry collapses, their businesses would collapse as well.
Dr. Abdul-Hamid also pointed out that the NPA had been lenient with industry players who flout the rules for years, which had given the opportunity to many more to do the same with impunity.