The National Petroleum Authority, NPA has rescinded the earlier decision of not offering imported fuel under the gold for oil policy to Oil Marketing Companies, OMCs with less than 45 retail outlets.
According to the NPA, all OMCs are now eligible to receive G4O products provided the OMCs are in good standing with the NPA and Ghana Revenue Authority, GRA.
The Head of Pricing and Regulation at NPA, Abass Tasunti explained that the G4O products have increased in quantity hence the decision to allow all OMCs to access the products.
“At the beginning of the program, there were requirements as to how many OMCs can participate, and that was because the volume imported at the time was not much.
In January, only one cargo was delivered and we promised that as the cargo being imported increased the criteria of the revise will include more OMCs, and the criteria were there because we wanted to make sure that the impact of the G4O was felt at the pumps.
So as the cargo increases all OMCs are now qualified to participate once they express interest, so the only requirement now is that the OMC must be in good standing with NPA and they should not be OMCs that owe Ghana Revenue Authority.
So once they meet this criterion they sign an undertaking to show that they are ready to comply with the terms and requirements for supplying products under the program. So there is no limitation as to which OMC or how many OMCs are allowed to participate.” He said.
Earlier this year, the NPA announced that OMCs with 45 or more outlets will receive G4O products. The criteria take into consideration the top 25 OMCs that distributed petrol and diesel in 2022 with not less than 45 retail outlets across the country.
