The Chamber of Petroleum Consumers (COPEC) is urging the government to immediately reactivate local oil refineries as a long-term solution to rising fuel prices and economic pressure on consumers.
Paul Eric Ofori, Head of Research at COPEC, said Ghana’s continued reliance on imported refined petroleum products is not economically sustainable.
“Let’s get TOR running, get the private refineries also running, let’s cut down importing finished petroleum products into the country. It is so expensive, we cannot sustain it. That way, we can have a way of reducing the prices internally,” he said in an interview with Channel One TV.
He argued that reviving the state-owned Tema Oil Refinery (TOR) and supporting private refining capacity would reduce Ghana’s exposure to international price volatility and provide more stability in domestic fuel pricing.
“I see no reason why we should be buying petrol and diesel at 15 and 14 cedis. It is unheard of,” Ofori added, pointing to the cost burden on consumers. Fuel Prices today have however dropped with Goil selling; Super XP (Petrol) at GHC 13.32 per litre from GHC 13.65 per litre, resulting in a savings of 33 pesewas.
Diesel XP is also now selling at GHC13.91 per litre from GHC14.41 per litre, leading to a savings of 50 pesewas per litre.
Super XP 95 is now selling at GHC 15.19 per litre from a previous price of GHC15.41 per litre, resulting in a savings of 22 pesewas.
Ghana imports nearly all of its refined petroleum products, making local pump prices highly sensitive to global oil prices and foreign exchange fluctuations. While there have been previous calls to restore TOR’s operations, the refinery has remained largely inactive due to debt and operational challenges.
