PETROSOL pays GH¢241.5m taxes to regulators

Petrosol Ghana Limited, a privately owned oil marketing company (OMC), paid almost GH¢241.5 million to the Ghana Revenue Authority (GRA), the National Petroleum Authority (NPA) and the Bulk Oil Storage and Transportation (BOST) in 2022.

The amount covers petroleum taxes, levies and regulatory margins.

The Head of Finance and Planning of PETROSOL, Lawrencia Himans, said that although the current economic challenges were adversely affecting the company’s operations, it was committed to maintaining its ethical business practices by ensuring that it dutifully lived up to its tax and regulatory margins payment obligations to the state.

She added that although the first half of 2023 continued to be challenging due to the prevailing economic challenges, the company had maintained its tax compliance record.

Ms Himans said the company successfully paid all its petroleum taxes, levies and regulatory margin obligations of over GH¢170 million to state agencies.

Adherence to standards

The Chief Executive Officer of PETROSOL, Michael Bozumbil, said besides the company’s tax compliance nature, it also adhered to regulations of NPA in terms of fuel stations’ infrastructure standards and health and safety requirements.

He said the company was also meeting conditions of the Ghana Standards Authority (GSA) as it delivered quality fuel in the right quantity to consumers through its licensed fuel stations across the country.

Mr Bozumbil expressed appreciation to the company’s customers for their loyalty to the brand over the years.

He said a nationwide brand-health survey conducted early this year for the company by a reputable research firm showed growth in customer loyalty to the brand.

The CEO said the management and staff would not rest on their oars but would continue to improve upon their operations to meet the needs of customers.

He also expressed gratitude to the regulatory agencies, especially the National Petroleum Authority, for their support and cooperation.

Mr Bozumbil urged state agencies to identify indigenous companies and provide them with the needed support to grow and contribute towards the development of the country.

He said that the company’s tax compliance was acknowledged last year by the Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Dr Amishaddai Owusu-Amoah, who congratulated them on their compliance.

Besides meeting the requirements of the regulatory agencies in the country, Mr Bozumbil also said that the company had stepped up its compliance level and had received a triple international certification from the International Organisation for Standardisation (ISO) for Quality Management; Occupational Health and Safety Management, and Environmental Management.

With 120 fuel stations spread across the country, he said, the company was currently ranked among the top 10 Oil Marketing Companies (OMC) by the NPA.