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Business News Fri, 29 Apr 2022

Get TOR to run efficiently to solve fuel price hikes - Jantuah to government

Invest in BOST to address fuel challenges

Fuel prices to go up

Every effort must be made to ensure TOR comes back to work, Energy Minister


Oil and Gas expert who is also a private legal practitioner, Kwame Jantuah has stated that getting the Tema Oil Refinery to operate efficiently will help resolve the country’s persistent fuel crisis.

According to him, because the country does not have a domestic oil refinery, anything that happens on the international market, with respect to crude oil prices, will always impact on the domestic market.

“For me, the way round is to get TOR refining our own crude oil. That is the way around,” he said speaking on Accra-based TV3.

Meanwhile, the Chamber of Petroleum Consumers (COPEC) has projected that petrol and diesel prices is likely increase in the next pricing window from May 1, 2022.

According to COPEC, the current average price of crude oil of $104.56 per barrel, resulting in $1,057.44 per metric tonne for petrol and $1,138.33 per metric tonne for diesel on the international market, coupled with the exchange rate of $1: ¢7.8165 and the government’s tax rebate of 15 pesewas per liter still in place, it is expecting the ex-pump prices of fuel for the next pricing Window, from 1st – 15th May 2022 to go up.

“Considering no sudden jerks in crude oil pricing, which could lead to changes in petrol and diesel prices on the international market, then the ex-pump prices are expected to be within the projected figures as above for the next window”, COPEC said.

Meanwhile, Energy Minister Dr. Matthew Opoku Prempeh has stated that efforts are being made by government in conjunction with stakeholders to ensure that the Tema Oil Refinery begins full operations.

He also charged stakeholders to invest in BOST to boost its capacity to aid the country in times of fuel crisis.
Source: www.ghanaweb.com
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