The Tema Oil Refinery (TOR)

The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has expressed concern over the government's lack of attention to revamping the Tema Oil Refinery (TOR).

According to him, the refinery has been neglected, while the Bulk Oil Storage and Transportation Company (BOST) has been allowed to operate like a private profit-making entity.

This comes in the wake of the suspension of the Energy Sector Shortfall and Debt Repayment Levy, amid rising global tensions affecting oil prices.

He noted that Ghana is likely to suffer in the long term due to the absence of comprehensive energy sector reforms.

“If the government truly intended to retool TOR, then the tax we are discussing today should have included a component dedicated to revamping the refinery,” he was quoted as saying by Citi Newsroom.

The COPEC boss emphasised that BOST's primary mandate is to serve as a buffer for consumers. However, it is currently operating like a commercial Bulk Distribution Company (BDC).

“We are allowing BOST to behave as if it were a BDC, even though the BOST margin is collected from you and me every time we buy petrol. We're keeping BOST afloat, but the safety net it is supposed to provide for consumers is not being fulfilled. Instead, it is acting like a private BDC focused on profit-making," he stated.

“In recent times, the narrative around BOST has been about how much profit it has made. But if fuel prices are rising and you, as a buffer, are making profits, at whose expense are you making that profit?” Amoah questioned.

SSD/MA