Revive TOR to solve cedi depreciation – COPEC

The Head of Research at the Chamber of Petroleum Consumers (COPEC), Benjamin Nsiah has expressed sadness over how one of the best oil refineries in West Africa has been turned into an oil storage point.

According to him, the Tema Oil Refinery (TOR) which has the capability and capacity to process the most dirtiest of crude has been left a white elephant.

He noted that if TOR is once again revived and starts processing crude, the depreciation of the cedi will be a thing of the past.

Speaking in an interview on the Epa Hoa Daben political talk show, Benjamin Nsiah said, “Ghana is not Togo or Burkina Faso. We drill oil here in Ghana and we have TOR, one of the best in distribution and processing of the dirtiest of crude in West Africa.

But TOR is now a tank not being used for what it was set up for.

How and why do we have to drill crude in Ghana and refine it abroad? We plead with gov’t to focus on TOR and start refining our product here. If we do that, the depreciation of the cedi affecting the prices of fuel will be a thing of the past”.

On his authority the Bulk Distribution Companies (BDC) will also end up paying less as they will not have to pay for any import and shipping related costs and end up paying only for the tanker delivering the product to them from TOR, reducing the cost of fuel and depreciation of the cedi in the long run”.

Benjamin appealed to government to halt plans to open five (5) new refineries in the Western Region and rather focus on making TOR fully functional.

Year in year out, the rapid depreciation of the cedi against the major trading currencies especially the dollar has been partly blamed for the increase in fuel prices in the country.

But the COVID-19 pandemic saw to the drastic decline in fuel prices which was welcomed by many.

However with production and economies bouncing back gradually, prices on the international market have taken an upward journey seeing to the increase in fuel prices once again.