IN-PETROL GHANA LIMITED (PLAINTIFF) vs. GHANA OIL COMPANY LTD (DEFENDANT) [2019]DLHC7261

Date	2019-03-21
Suit No.	SUIT NO. CM/RPC/0740/2017
Citation No.	[2019]DLHC7261

HIS LORDSHIP GEORGE K. KOOMSON (J).

COSMAS ANPENGNUO FOR PLAINTIFF

JUSTINE AMENUVOR FOR DEFENDANT

[2019]DLHC7261
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													<main id="main" class="content" style="min-height: 60rem" >IN-PETROL GHANA LIMITED<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>GHANA OIL COMPANY LTD<o:p></o:p>(DEFENDANT)<o:p></o:p>[HIGH COURT (COMMERCIAL DIVISION),
ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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SUIT
NO. CM/RPC/0740/2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 21ST MARCH, 2019<o:p></o:p>

</div>COUNSEL: <o:p></o:p>COSMAS ANPENGNUO FOR
PLAINTIFF<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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JUSTINE
AMENUVOR FOR DEFENDANT<o:p></o:p>

</div>CORAM:<o:p></o:p>HIS LORDSHIP GEORGE K.
KOOMSON (J).<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
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<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
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mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENT <o:p></o:p>

</div>The core issues I have been called upon
to adjudicate in this case are as to whether or not the Plaintiff can recover
price and forex fluctuations and whether or not the Plaintiff is entitled to
its reliefs.<o:p></o:p>It is the claim of the Plaintiff that on
or about January 2015, after concluding a series of negotiations, the Plaintiff
entered into an agreement with the Defendant for the supply of 5,500 metric tons
of gasoil valued at the estimated ex-refinery price of GH¢¢10,727,808.00. Due
to the nature of pricing in the oil industry, the exact price of the gasoil
could not be exactly determined until after the complete discharge of the product.
This was because the National Petroleum Authority (NPA), the regulating
authority of the industry, had the mandate to periodically review and determine
the unit price per liter of petroleum product, to establish a pricing window
and to determine the applicable USD exchange rate for all transactions. This pricing
window was set every two weeks. <o:p></o:p>Due to this pre-existing state of
affairs, the parties herein agreed on a payment schedule (Exhibit E) as part of
the requirements for the grant of Letters of Credit, and in anticipation of
possible discrepancies in the pricing windows during the discharge of the
product. The payment schedule was mutually agreed upon to avert the very
situation in which parties find themselves, where delays in payment could
subject the transaction to an upward reviewed fee by the NPA due to the changes
in whichever pricing window the parties found themselves in. The Plaintiff
contends that Defendant made all but one payment outside the agreed payment
schedule. It is the Plaintiff’s case that the delays in payment subjected the
transaction to several reviewed pricing windows which consequently resulted in
losses of GH¢2,426,977.53. It is this amount Plaintiff seeks to recover from
the Defendant in this present action for which the following reliefs have been
asked for by the Plaintiff:<o:p></o:p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A
declaration that Plaintiff is entitled to recover from Defendant the amount of
GH¢2,426,972.53.<o:p></o:p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An
order directed at Defendant to pay Plaintiff the amount of GH¢2,426,972.53.<o:p></o:p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A
declaration that Defendant is liable to pay Plaintiff any money that may be due
UT Bank Limited from Plaintiff, as a result of the loan granted Plaintiff.<o:p></o:p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An
order that Defendant pays any such amount resulting from the loan from UT Bank
Limited to Plaintiff.<o:p></o:p>