Revive Tema Oil Refinery Now - IES To Government | Social

The Institute for Energy Security(IES) has referred to as on government to revive the Tema Oil Refinery(TOR) within the shortest potential time amid the growing gasoline costs.

A press release issued by the IES on Thursday mentioned the general public should be up to date on the standing of the negotiation between TOR and the strategic associate introduced some months in the past, in respect of the time the refinery is re-commencing operation after a number of months of inactivity.

[adrotate group="2"]“Government's sudden appetite for imported fuels to address reliability and cost-related issues can best be described as reactionary, morally indefensible, misplaced priority, and a deliberate attempt to increase the fiscal burden of the Ghanaian economy. It must be forcefully stated that “the state is better off prioritizing local crude refining, instead of importing refined products.”

“Once more, the Institute for Energy Security (IES) wishes to appeal to the President to look within—bring back TOR in the shortest possible time, refine Ghana's crude domestically, work to strengthen the local currency, and ensure an adequate amount of Dollars is made available to importers of fuel,” IES mentioned.

The refinery has not been operational for some time on the again a number of challenges, together with the shortcoming of the entity to pay its staff and the dearth of crude, as managers of the power have been unable to lift letters of credit score.

In January 2019, the government introduced an bold plan to construct a brand new oil refinery to exchange the Tema Oil Refinery throughout the subsequent three to 4 years.

Price of a liter of Diesel and Petrol has seen an astronomical enhance of roughly 79 % and 95 % respectively.

Oil Marketing Companies (OMCs) elevated gasoline costs thrice in a single pricing-window, a cumulative 46 % for Diesel and 37 % for Petrol.

Some Bulk Distribution Companies (BDCs) declined to launch gasoline to the Ghanaian market, forcing some corporations to close down momentary.