The Head of Research at the Chamber of Petroleum Consumers (COPEC), Paul Ofori, says expanding the refining capacities of the Tema Oil Refinery (TOR) and Sentuo Oil Refinery could significantly reduce Ghana’s fuel costs by eliminating the need to import finished petroleum products.
According to Mr. Ofori, increasing the output of the two refineries would enable Ghana to meet its domestic fuel demand through local production, thereby cutting the numerous costs associated with importing refined petroleum products.
He explained that once the country’s refining capacity is expanded to adequately serve the local market, expenses such as freight, insurance, port charges and other ancillary costs incurred during fuel imports would be eliminated.
Mr. Ofori noted that reducing these costs would ultimately translate into more affordable petroleum products for consumers while strengthening Ghana’s energy security and reducing the country’s reliance on imported fuel.
He stressed that investment in local refining infrastructure remains a sustainable solution to stabilising fuel prices and enhancing the efficiency of the petroleum sector.
The COPEC Head of Research made the remarks while discussing measures to reduce fuel prices and improve the country’s petroleum supply through increased local refining capacity.
CREDIT: KISSI CHRISTABEL