Business News of Wednesday, 16 May 2018
The price of fuel in the second pricing window of May which starts from May 16, 2018 will have a three percent increase the Chamber of Petroleum Consumers (COPEC) has predicted.
In a statement, COPEC-GH stated that petrol and diesel will experience upward reviews.
Meanwhile, the group is asking Minister of Energy, Boakye Agarko, to rescind his decision to convert the Tema Oil Refinery (TOR) into a tank farm.
Executive Secretary Duncan Amoah, said on Monday 14 May 2018 that: “Fuel prices at the pumps look set to go up by around 3% in the next pricing window of May and we believe a fully functional National refinery would have served a good catalyst to manage such price increases once we picking our own crude to process and refine locally but it sadly seems the contention of the Minister is that the only refinery currently functional needs no revamping but scrapping”.
A tank farm is an industrial facility for the storage of petrochemical products and from which these products are usually transported to end users or further storage facilities.
Mr Agyarko announced his intention at an Offshore Technology Conference (OTC) in Houston, Texas, recently, saying the government intends establishing a new refinery hub in the Western Region, where most of Ghana’s oil activity takes place, to serve the West African sub-region.
Mr Agyarko said the new refinery would be ready within three or four years, and would be able to refine about eight times more crude in terms of quantity than the current 20,000 barrels per day by TOR.