High fuel prices: The only solution is to get TOR running effectively – Jantuah

Oil and Gas expert who is also a private legal practitioner, Mr Kwame Jantuah has said the only way out in resolving the high fuel prices in the country is to get the Tema Oil Refinery (TOR) running effectively.

Without that, he said, whatever happens on the international market with respect to crude oil prices will always affect the domestic market.

“For me the way round is to get TOR refining our own crude oil. That is the way round,” he said on the New Day show with Johnnie Hughes on Friday April 29.

His comments come after the Chamber of Petroleum Consumers (COPEC) has stated. has predicated that some prices of petroleum products are expected to go up from May 1st, 2022.

According to COPEC, the current average price of crude oil of $104.56 per barrel, resulting in $1,057.44 per metric tonne for petrol and $1,138.33 per metric tonne for diesel on the International market, coupled with the exchange rate of $1:¢7.8165 and the government’s tax rebate of 15 pesewas per liter still in place, it is expecting the ex-pump prices of fuel for the next pricing Window, from 1st – 15th May 2022 to go up.

“Considering no sudden jerks in crude oil pricing, which could lead to changes in petrol and diesel prices on the international market, then the ex-pump prices are expected to be within the projected figures as above for the next window”, it the energy think tank further indicated.

By Laud Nartey|3news.com|Ghana

READ ALSO:  GII pushes for independent investigations into fmr TOR boss' bribery saga