The Chamber of Petroleum Consumers (COPEC) is urging the Ghanaian government to prioritize the revival of local oil refineries as a strategic move to reduce the country’s dependence on imported fuel and alleviate the financial burden on consumers.
Paul Eric Ofori, Head of Research at COPEC, made this call during an interview on Channel One TV’s Breakfast Daily on Friday, May 16, emphasizing the need for a shift in Ghana’s fuel sourcing strategy.
Rising Costs of Imported Fuel
According to Ofori, Ghana’s heavy reliance on imported refined petroleum products is a critical factor behind the steep fuel prices at local pumps, with petrol and diesel currently retailing at around 15 and 14 cedis per liter, respectively.
“It makes no sense that we should be paying such high prices when we have the capacity to refine our own crude,” Ofori said. “Continuing to import finished petroleum products is economically unsustainable.”
Economic Benefits of Local Refining
He noted that reviving the Tema Oil Refinery (TOR) and supporting the establishment of private refineries would give Ghana greater control over its fuel pricing, reduce foreign exchange pressures, and create local jobs.
“By cutting down on imports and boosting our local refining capacity, we can significantly lower the cost of fuel in the long term,” Ofori stressed.
Call for Strategic Policy Shift
Ofori’s comments come as the country grapples with fluctuating global oil prices and a depreciating cedi, both of which have contributed to the soaring cost of fuel in recent months.
He urged the government to implement a strategic policy shift that prioritizes local refining as a means of securing energy independence and stabilizing domestic fuel prices.
“Let’s get TOR running, get the private refineries operational, and reduce our reliance on expensive imported fuel. This is the only sustainable path forward,” Ofori concluded.
