The Chamber of Petroleum Consumers (COPEC) has criticized the continued neglect of the Tema Oil Refinery (TOR) and accused the Bulk Oil Storage and Transportation Company (BOST) of prioritizing profits over public interest. With fuel prices climbing steadily, COPEC argues that revamping TOR could ease the burden on consumers by reducing dependence on imports. The advocacy group is urging government intervention to address structural inefficiencies and put national energy needs ahead of profit margins.
COPEC Executive Director Duncan Amoah accused policymakers of sidelining long-term energy security in favour of short-term revenue gains, even as fuel prices climb to record levels.
“If the government indeed wanted to even retool TOR, the tax that you and I are discussing today, you should have seen a component of it go into revamping TOR,” Amoah said in an interview, referencing the now-suspended Energy Sector Shortfall and Debt Repayment Levy.
TOR Left to Rot, Ghana Pays the Price
Established in 1963, TOR was designed to process up to 45,000 barrels of crude oil daily but has remained largely idle since 2017. As a result, Ghana now spends hundreds of millions of dollars annually importing refined petroleum products a burden that continues to weigh heavily on foreign reserves and consumer wallets.
Amoah believes funds from levies like the Energy Sector Debt Repayment Levy, introduced in 2021, should have been channeled into reviving TOR to reduce import dependency.
BOST Accused of Abandoning Mandate
Amoah also took aim at BOST, accusing it of drifting away from its core public-interest role as Ghana’s strategic petroleum buffer.
“We are allowing BOST to behave as though it were a BDC (Bulk Distribution Company). Meanwhile, BOST margin is being collected from you and I when we buy petrol,” he said, questioning how a publicly owned entity has taken on a profit-first mentality.
BOST, created in 1993 to stabilise fuel supply and prices in times of market volatility, is funded in part through a GH¢0.12 margin per litre paid directly by consumers. Yet, the price stabilization function is “conspicuously absent,” Amoah noted.
“So we’re keeping BOST running, but the safety net that BOST should have provided for you and I, we’re not encouraging them to that. They are rather behaving as though they are a Private BDC that will need to make a profit?”He quizzed.
Profits at Whose Expense?
COPEC’s concerns are heightened by reports that BOST made profits of up to GH¢250 million in the last fiscal year gains Amoah says are being realized at the direct cost of struggling consumers.
“So in recent times the cliché for BOST has been ‘we’ve made so much profit,’ but fuel prices are going up. And for you as a buffer, if you are making profit, at whose expense are you making profit?” He queried.
Call for Policy Reboot
The energy policy watchdog is urging the government to return to the foundational mandates of state-owned enterprises like TOR and BOST focusing on national resilience over balance sheets.
Amoah’s remarks come amid growing public frustration over high fuel prices and increasing skepticism about whether levies and margins are delivering value to consumers.
He called on government to demonstrate a renewed commitment to long-term energy security, transparency, and investment in critical infrastructure rather than celebrating short-term profits.
Last Updated on June 18, 2025 by Senel Media
