Major reforms at the Tema Oil Refinery and the Bulk Oil Storage and Transportation (BOST) company are being advocated by Dr Theo Acheampong, an economist and political risk analyst following Ghana’s constant woes regarding the production, importation and supply of petroleum products.
During deliberation on Citi TV over the skyrocketing prices of fuel, he stressed the urgent need to bring TOR back on its feet.
Revealing how much Ghana stands to save on fuel importations if TOR is equipped, he said it is evident enough to restructure the place to enable the refinery to operate fully.
“There could be some 10 to 20 per cent cost savings if we have our domestic refinery meeting between 30 and 50 per cent of market demand. That is not insignificant, looking at the amount of money we use on importing these products. What TOR needs is a new ownership module and fundamental restructuring to upgrade a lot of facilities and equipment. It currently has to realize cost efficiency.”
He also called on BOST to go back to the basics of why it was established. He said it is interventionist and would safeguard the market-making strategies which to him they are not applying well in their role.
The price of fuel has recently shot up to approximately GH¢16 per litre with players in the industry projecting that a litre of the product could be going for almost GH¢20 by the end of 2022.