A litre of petrol, which previously cost GH12.65, is now going for GH13.20, and a litre of diesel, which previously cost GH12.84, is also costing GH13.20 at the pumps.
The increase in oil prices, which increased by nearly 16 percent on the global market, has been blamed for the upward adjustment.
Making the Tema Oil Refinery operational, according to the Chamber for Petroleum Consumers Ghana (COPEC), is one of the main options the government has to reduce the ongoing fuel price increases.
TOR has been inactive for a number of years as a result of numerous difficulties.
- Fuel shortage at GOIL filling stations is causing concern within COPEC.
- Fuel prices are expected to rise after OPEC+ announces unexpected cuts.
The Executive Secretary for COPEC, Duncan Amoah stressed the need to revamp the refinery to ensure fuel price stability in the country.
“We are not exactly certain where we are going with our refinery [TOR]. It’s been one talk after the other, one promise after the other. The long and short however is that the refinery continues to be grounded. No activity, and nothing is working”.
“In view of the fact that you have some new refineries coming on the stream across the sub-region, one would have expected officials or authorities to be minded by the need to protect the technical workforce of our refinery by finding any means necessary to get TOR back to work. Unfortunately, it has not been the case,” Duncan Amoah expressed.
The National Petroleum Authority (NPA) on April 15 backtracked on its decision to increase the Fuel Marking Margin (FMM) from 4 pesewas to 9 pesewas.
The NPA had earlier directed all Oil Marketing Companies (OMC) to implement the new rates and apply them in their Price Build-Ups (PBUS) from April 16, 2023.
However, in a recent statement, the regulator has withdrawn the increment, stating that the FMM will remain at 4 pesewas per litre until further notice.
