Business News of Tuesday, 11 February 2003

Source: gna

Lifting of fuel from TOR reduces after price increase

The lifting of fuel from the Tema Oil Refinery (TOR) by oil companies for distribution to filling stations had reduced after the January 17 fuel increases.

Mr Robert B Forson, Deputy Managing Director in-charge of Operations at TOR told the Ghana News Agency (GNA) in an interview that the drop could be attributed to judicious use of fuel by consumers.

''Management of TOR is not surprised at the drop because it was expecting it since we normally experience similar situations after every fuel price increase. The reduction will remain for a period and gradually shoot up again."

He said the oil companies were lifting 17 million litres of premium per week late last year but after the fuel increases it has reduced to 13.5 million litres, gas oil has also reduced from 19 million litres to 16 million litres within the same period.

For that of Liquefied Petroleum Gas (LPG) the lifting has been fluctuating with a slight reduction while that of kerosene remains stable.

He was of the opinion that the drop was in the interest of the government because the foreign exchange that could be used to import more crude oil could be conserved and used for other development projects.