The Chamber of Petroleum Consumers (COPEC) has asked the government to clearly spell out concrete measures to sustain reduction in fuel prices, amid continued volatility in the global energy market.
According to the Chamber, clarity is also needed on government’s broader plans for the downstream petroleum sector, particularly the future of the Tema Oil Refinery (TOR) and the Bulk Oil Storage and Transportation Company (BOST), especially if there are intentions to expand national fuel storage capacity.
Executive Secretary of COPEC, Duncan Amoah, made the remarks in an interview with Citi Business News ahead of Friday’s State of the Nation Address by President John Dramani Mahama, where key policy directions for the energy sector are expected to be outlined.
“You are also looking at the issue of fuel pricing in Ghana. Hopefully, we should be settling at some spot sometime, if there is a possibility of being told where we are today and plans that are being made also to sustain the gains so far made.
“I am quite certain Ghanaians would be happy. But overall, Ghanaians are equally looking forward to power sustainability and again, low price fuel and availability of same. TOR is very critical here, as well as the other private refineries.
“Again, we would also want to hear if there are any plans of retooling or expanding the bulk oil storage and transportation, which is BOST or BEST. Whatever it is that the government intends to do to make Ghanaians energy secured, we will be happy to hear about those today,” he stated.
Duncan Amoah also stressed the need for a second gas processing plant to help curb intermittent power disruptions, while calling for increased investment in the Petroleum Hub Development Corporation (PHDC) to strengthen the country’s energy infrastructure.
“Last but not the least, the Ghana gas train 2 discourse, we will be happy to hear where we are on that as of today. Again, where the government intends to take that to in the next 12 months, whilst not forgetting that the issue of the Petroleum Hub Development Corporation, which proposes to make the western enclave a very good hub that sustains refineries, sustains gas processes, sustains a lot of the energy establishments so as to ensure that what we provide in the eastern corridor, there is a healthy balance in the western corridor.
“I would also be keen to hear what the government’s proposition is in getting the petroleum hub program fully funded so that you and I can talk of benefits in the next 12, 24 months to Ghanaians,” he added.
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