TOR MD: Fuel Prices Could Have Hit GH¢32 per Litre Without Refinery Revival and Government Support

The Managing Director of the Tema Oil Refinery (TOR), Edmond Kombat, has stated that fuel prices in Ghana could have risen to between GH¢22 and GH¢32 per litre if the refinery had not been restored, local production had not resumed, and the government had not stepped in. According to him, these three factors played a crucial role in keeping fuel prices at manageable levels.

Kombat explained that the revival of TOR’s operations has helped reduce the country’s reliance on imported refined petroleum products, thereby easing pressure on the cost of fuel. He noted that renewed local production at the refinery, combined with timely government interventions, prevented what could have been a severe price surge at the pumps.

He further emphasized that without these measures, Ghanaians would have been paying significantly more for fuel, with estimates placing the potential price per litre somewhere between GH¢22 and GH¢32. This, he said, would have worsened the cost of living and placed additional strain on businesses and households across the country.

The TOR MD highlighted that restoring the refinery’s capacity is not only about reducing fuel prices but also about strengthening Ghana’s energy security and reducing dependence on foreign markets. He indicated that local refining saves the country foreign exchange and shields consumers from the volatility of international oil prices and exchange rate fluctuations.

Kombat commended the government’s support in ensuring the refinery’s continued operation and called for sustained investment in TOR to improve its efficiency and output. He stressed that maintaining local production is essential to stabilizing fuel prices and protecting the economy from external shocks.

In conclusion, he reiterated that the combination of TOR’s restoration, domestic production, and government intervention has been vital in preventing fuel prices from climbing to the alarming levels of GH¢22 to GH¢32 per litre, and urged continued support for the refinery to safeguard the gains made so far.

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