Tema Oil Refinery Records Historic GH¢1.24bn Profit and Confirms New MD as Fuel Prices Set to Fall

The Tema Oil Refinery (TOR) has officially announced a historic financial turnaround, posting a Profit After Tax of GH¢1.24 billion for the 2025 financial year. This announcement, made during the 18th Annual General Meeting (AGM) in Accra on June 30, 2026, marks the refinery's first profit in nearly a decade. Alongside this financial milestone, shareholders approved the appointment of Edmond Kombat as the substantive Managing Director. Kombat, who previously served in an acting capacity, was credited with spearheading the operational enhancements and financial discipline required to pull the refinery out of a long-standing period of instability.

The AGM also highlighted a major governance achievement as TOR cleared a six-year backlog of audited financial statements, covering the years 2017 through 2025. Managing Director Edmond Kombat noted that finalizing these audits was a critical priority to restore the refinery’s credibility and attract fresh investment. Dr. John Abdulai Jinapor, the Minister for Energy and Green Transition, praised the management for this achievement, emphasizing that such transparency is essential for the refinery to become a world-class facility. The Minister highlighted that the resumption of stable refining operations is a key pillar in the government's strategy to enhance Ghana’s energy security.

In a parallel development beneficial to consumers, the National Petroleum Authority (NPA) and the Chamber of Petroleum Consumers (COPEC) have signaled significant reductions in fuel prices effective July 1, 2026. The NPA has lowered price floors for the first pricing window of July, setting petrol at GH¢12.79 per litre, diesel at GH¢13.54 per litre, and LPG at GH¢10.11 per kilogram. COPEC forecasts that these adjustments could see petrol prices at the pump ranging between GH¢12.69 and GH¢14.03 per litre. The price drop is attributed to a 19.69% decline in global crude oil prices—which fell from approximately $97 to $78 per barrel—and a 3.14% appreciation of the Ghana Cedi against the US dollar.

These local adjustments occur against a backdrop of global energy shifts and infrastructure expansion. Globally, oil prices have dipped, with Brent crude falling to $72.51 per barrel amid speculation regarding U.S.-Iran negotiations in Doha. Meanwhile, Karpowership has initiated the construction of its new "Sea Lion" class powerships in South Korea. These four next-generation vessels, each with a 300 MW capacity, are designed for high efficiency and lower emissions. Scheduled for delivery starting in 2028, these powerships will be capable of generating electricity within 30 days of deployment, offering long-term stability to the regional power grid.

The combination of TOR’s return to profitability and the impending relief at the fuel pumps offers a positive outlook for the Ghanaian economy. COPEC has urged Oil Marketing Companies (OMCs) to pass these cost reductions on to consumers promptly to help lower inflationary pressures. Furthermore, the government’s commitment to supporting local refineries by providing crude from the Jubilee fields is expected to reduce the national demand for foreign currency. Collectively, these developments signal a strategic shift toward a more resilient and self-sufficient energy sector that benefits both the state and the average citizen.