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Bernard Allotey Jacobs has blamed the current petroleum price increases on the defunct Tema Oil Refinery (TOR).

Speaking on Peace FM's "Kokrokoo" morning show about unrelenting price hikes in fuel and other petroleum products which have become a major burden to vehicle drivers and passengers, affecting transport fares and so forth, Allotey Jacobs believed the situation would be different and better if TOR were functioning.

The politician cum Social Commentator, in addressing the TOR issue, hinted that very soon the company will be in the hands of scrap dealers.

"In about two/three years time, TOR will be scraps for scrap dealers . . . if TOR were so active [economically active], would petrol price come to this point?", he told host Kwami Sefa Kayi.

TOR

Since 1963, TOR has been the engine of growth for Ghana’s economy in the vision of successive governments’ efforts at having a vibrant and robust energy sector.

But the Ghana’s only refinery has over the years been plagued with funding challenges resulting in several shutdowns.

The company has run into huge debts that successive governments, in order to rescue the company, have had to institute a recovery debt levy to offset its indebtedness.

This notwithstanding, TOR is currently dysfunctional.