The Chamber of Petroleum Consumers (COPEC) has expressed concern over the government’s continued neglect of the Tema Oil Refinery (TOR), describing the situation as a missed opportunity for strengthening Ghana’s energy security.
COPEC believes the lack of investment in TOR stands in stark contrast to the attention given to the Bulk Oil Storage and Transportation Company (BOST), which appears to be operating more like a profit-driven Bulk Distribution Company (BDC) than a strategic state entity.
This concern comes at a time when the Energy Sector Shortfall and Debt Repayment Levy has been suspended, raising questions about the government’s commitment to long-term energy sector reforms. COPEC argues that if the objective was to retool TOR, any new or existing fuel-related tax should have included a provision aimed at revitalizing the refinery.
The organization also criticized the commercial direction BOST has taken, noting that while consumers continue to pay the BOST margin on every litre of fuel purchased, the company has increasingly focused on profitability rather than its core mandate of acting as a national buffer against fuel price volatility.
COPEC has called for a more strategic and consumer-focused approach to energy sector management. It is urging the government to prioritize comprehensive reforms that include revamping TOR and ensuring that state-owned institutions like BOST deliver on their intended public service roles.