NPA sanctons seven companies for violating the unified petroleum pricing fund regulations
The National Petroleum Authority (NPA) has sanctioned seven petroleum product marketing companies for illicit distribution of petroleum products.
A press statement issued by NPA named the companies as Andev Co. Ltd, Beap Energy, BF Petroleum, Anasset Co. Ltd, Cost Energy, Oleum Ltd and Concord Oil Ltd.
They are to pay fines for violating the Unified Petroleum Pricing Fund (UPPF) regulations, making false UPPF representations to the NPA and engaging in third-party supplies.
Failure by the affected companies to pay the fines will lead to a three-month suspension of their operations.
Attached below is a copy of the statement from the NPA: