Outgoing Energy Minster, Albert Kan Dapaah has admitted that the Tema Oil Refinery (TOR) is currently making a windfall but would not say how much this amounts to. Determining how much this amounts to would depend on the newly reconstituted National Petroleum Tender Board?s calculation, he told Public Agenda last Thursday. He however admits that this could be up to 100 per cent. Dapaah explained that TOR?s profit is the result of the estimated price of crude as well as the exchange rate used to calculate last February?s fuel price increases. The government used the price of $32 per barrel for crude oil and an exchange rate of ?8,800 to a dollar to arrive at the price hikes. However, the current price of crude is around $26 per barrel and the exchange rate is around ?8,400 to a dollar.
Source: GhanaWeb
