Several OMCs lose licenses in two years

The National Petroleum Authority (NPA) has withdrawn the licenses of several Oil Marketing Companies (OMCs) in Ghana over the last two years due to non-compliance with regulatory standards, according to Abass Ibrahim Tasunti, the NPA's Director of Regulation and Planning.

During an appearance on Joy News’ PM Express Business Edition on Thursday, October 4, Tasunti emphasized the NPA’s commitment to enhancing regulations to ensure industry integrity and adherence to standards.

“Companies must meet specific criteria to obtain a license, and this information is readily accessible on our website. Once these conditions are satisfied, a company is granted a license, similar to any other business,” Tasunti explained.

While acknowledging concerns over the growing number of OMCs, he reassured that the current regulatory framework is designed to address such issues.

“In the past two years, we’ve had to revoke several licenses because some businesses failed to meet the required standards,” Tasunti noted.

He further explained that the NPA has been continuously refining its regulations to align with international best practices, ensuring that only compliant companies are allowed to operate.

“We are constantly evaluating how we can enhance these standards to guarantee that only companies meeting the necessary criteria remain in business,” he added.

Tasunti also highlighted the role of the industry in identifying and reporting non-compliant companies. He expressed confidence that ongoing collaboration between the NPA and industry stakeholders will further strengthen regulatory oversight in the sector.