Dr. Theo Acheampong, a political risk analyst and economist, has stated that Bulk Oil Transportation and Storage Company (BOST) and the Tema Oil Refinery (TOR) should both undergo reforms to address issues with petroleum product production, importation, and supply.

According to Dr. Acheampong, on Citi TV’s The Point of View, expressed his view on the need for TOR to solve its shortcomings in order to ensure a smooth level of operations at the refinery.

He also emphasised the necessity for a fundamental reorganisation and a new ownership component for TOR.

“There could be some 10 to 20 percent cost savings if we have our domestic refinery meeting between 30 and 50 percent of market demand. That is not insignificant, looking at the amount of money we use in importing these products. What TOR needsis a new ownership module and fundamental restructuring to upgrade a lot of facilities and equipment. It currently has to realise cost efficiency.” he said.

Shifting to BOST, the Analyst said that “Fundamentally, we need to go back to what BOST was set up for, which is to play an interventionist role in safeguarding the market-making mechanisms. Unfortunately, that is not happening.”

Meanwhile, the price of petrol and diesel are both selling for GH¢13.10 per litre and nearly GH¢16.00 for the same volume.