No increase in fuel prices -Energy Minister

Energy Minister Kan Dapaah has played down speculations of an imminent fuel price increase. He says government has no immediate plans to increase fuel prices. However, fuel prices in the global market could affect a change in the local price. He told journalists during a tour of the Tema Oil Refinery that the 2.5 trillion cedi debt incurred by the refinery is still being discussed with options as to whether to pass it on to consumers, write it off, make the refinery handle its own debt or pass it on to consumers.

The last option would have devastating effects on consumers but Mr Dapaah told JOY FM that there is no need to be panicky since there’s no plan to increase prices.

Meanwhile the Tema Oil Refinery’s Residual Fluid Catalytic Cracker is to be commissioned next September. The 250-million dollar plant, would process the residue of fuel at the refinery so that Ghana would no longer have to export its 30-percent of residual fuel at a give-away price.

The factory would also process Liquefied Petroleum Gas (LPG), gasoline and other lubricants.

The Korean Company, SK Engineering and Construction Firm, which has worked on the plant for the past two years is now conducting test runs to ensure its work is complete before the commissioning. The refinery is currently refining 45,000 barrels of crude oil daily. Seventy percent of its products is used nationwide, with the remaining 30 percent residue sold at what is best described as “give away prices”.