Member of Parliament for Gomoa West, Richard Gyan-Mensah has called on government to work towards ensuring the Tema Oil Refinery’s core objective of processing crude oil locally is realized.
This, according to the MP, will significantly help in reducing the cost of fuel for the ordinary Ghanaian, an initiative he believes will also lessen the effects of the rising cost of living in the country.
Speaking on the floor of Parliament on Friday, (November 18th 2022) the member of parliament, Mr. Gyan-Mensah opined that Government should in the medium to long-term implement prudent economic management to control the depreciation of the cedi.
He also called on Government to ensure BOST adheres to its core mandate of “holding strategic stocks to meet national demand throughout the year”.
“Revive TOR’s core objective of processing crude oil locally to cut foreign exchange expenditures and enhance petroleum product availability. Implement prudent economic management to control the depreciation of the cedi. Ensure BOST adheres to its core mandate of holding strategic stocks to meet national demand throughout the year,” the MP said as part of six measures Government can adopt to address the rising cost of fuel.
Hon. Richard Gyan-Mensah’s six proposed measures to Government to reduce fuel prices in the medium to long-term.
1. Conduct high-level stakeholder engagement, including industry practitioners, civil society organisations, and Parliament, to find a lasting solution to the incessant price hikes.
2. Strengthen Tema Oil Refinery (TOR) to fully utilise its 2.6 million and 9,000 metric tonnes storage capacity for petroleum products and LPG, respectively.
3. Create a favourable atmosphere to boost private sector investment in petroleum refinery to increase local production.
4. Revive TOR’s core objective of processing crude oil locally to cut foreign exchange expenditures and enhance petroleum product availability.
5. Implement prudent economic management to control the depreciation of the cedis.
6. Ensure BOST adheres to its core mandate of holding strategic stocks to meet national demand throughout the year.