The involvement of the Tema Oil Refinery (TOR) has been critical in preventing diesel prices in Ghana from crossing the GH¢20 per litre mark, according to Godwin Mahama Ayaba, Corporate Affairs Officer for External Affairs at TOR Ltd.
Speaking to host Kwabena Agyapong on Frontline on Rainbow Radio 87.5FM, Mr. Ayaba highlighted that the current administration has made significant strides in reviving TOR. He noted that enhancing the refinery’s operational viability has helped transform Ghana’s petroleum pricing system, bringing much-needed transparency to fuel prices.
Mr. Ayaba explained that TOR’s output, combined with the refining capacity of Sentuo Refinery, creates strong potential for establishing a more predictable, locally driven pricing framework. The strategic measures being implemented under TOR’s leadership are already stabilizing prices and keeping petroleum products more affordable for consumers. Beyond immediate pricing benefits, he emphasized that expanding TOR’s capacity carries broader economic advantages, including increased industrial activity, job creation, and reduced reliance on imported refined petroleum.
His comments come alongside recent government interventions. President John Dramani Mahama directed a temporary reduction in the regulatory margin on diesel by GH¢2 per litre for one month, effective August 4, 2026.
Designed to cushion consumers against rising fuel costs following the latest price window announced by the National Petroleum Authority (NPA), the policy intervention drops pump prices from GH¢19.26 to approximately GH¢17.26 per litre—a nearly 12 percent reduction.
In response to these relief measures, the Ghana Private Road Transport Union (GPRTU) rescinded its earlier decision to increase transport fares by 30 percent.
Addressing why fuel remains relatively expensive despite ongoing refining efforts, Godwin reaffirmed that domestic refining capacity remains the primary shield protecting consumers from even higher costs.
“Let me state categorically that without the refining done by the Tema Oil Refinery and the other refineries, we would have bought fuel, especially diesel, for more than GH¢20, irrespective of the GH¢2 reduction announced by President John Dramani Mahama. That should be made clear because it is the fact. We are purchasing at a very low rate because of the involvement of TOR, although we have not made noise about it,” he stated.
By: Rainbowradioonline.com/Ghana