PETROSOL pays over GHS 240m to the state as petroleum taxes and levies in 2022

PETROSOL Ghana Ltd, a leading privately-owned Ghanaian Oil Marketing Company (OMC), has paid a total of Two Hundred and Forty-One Million, Four Hundred and Ninety-Two Thousand, One Hundred and Seventy-Five Ghana Cedis (GHS241,492,175) to the Ghana Revenue Authority (GRA), the National Petroleum Authority (NPA) and the Bulk Oil Storage and Transportation (BOST) Ltd in 2022 as petroleum taxes, levies and regulatory margins.

Ms. Lawrencia Himans, the Head of Finance & Planning of PETROSOL, in making this disclosure, indicated that though the current economic challenges are adversely affecting the company’s operations, the leadership of the company has committed itself to maintain the company’s ethical business practices by ensuring that it dutifully meets its tax and regulatory margins payment obligations to the state.

In this regard, Ms. Himans again disclosed that, though the first half of 2023 continued to be very challenging due to the country’s economic challenges, PETROSOL has maintained its tax compliance record as it has successfully paid all its petroleum taxes, levies and regulatory margins obligations to the state agencies totalling over One Hundred and Seventy Million Ghana Cedis (GHS170,000,000).

Mr. Michael Bozumbil, the Chief Executive Officer of PETROSOL, also indicated that besides PETROSOL’s tax compliance, it also continues to operate in compliance with the regulations of the NPA in terms of its fuel stations infrastructure standards and health and safety requirements; as well as meeting the standards of the Ghana Standards Authority (GSA) as it continues to deliver quality fuel in full quantity to its consumers through its licensed fuel stations across the country. He also said the company’s lubricants are of very high quality suitable for both new and old vehicles and equipment.

Mr. Bozumbil expressed his 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 has shown growth in customer loyalty to the brand. He said he and his team will not rest on their oars but will continue to improve upon their operations to meet the needs of their customers.

He also expressed his appreciation to the hardworking and dedicated dealers and staff of PETROSOL and urged them to continue to work diligently and ethically, notwithstanding the economic challenges.

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

Mr. Bozumbil urged all state agencies to identify Ghanaian companies, such as PETROSOL, that strive to operate by the rules, notwithstanding the challenges, and provide them the needed support to grow and do more for the state.

PETROSOL has over the years demonstrated remarkable tax and regulatory compliance. The company’s tax compliance was acknowledged last year by the Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Dr. Amishaddai Owusu-Amoah, when he congratulated PETROSOL for its tax compliance.

Besides meeting the requirements of the regulatory agencies in Ghana, PETROSOL has also stepped up its compliance level higher by receiving triple international certification from the International Organization for Standardization (ISO) for Quality Management; Occupational Health and Safety Management; and Environmental Management.

With 120 fuel stations spread across the country, PETROSOL is currently ranked among the top 10 Oil Marketing Companies (OMC) by the NPA and has won numerous awards for its commitment to best industry practices.

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