The effect of the Tema Oil Refinery’s (TOR) return to operations on fuel prices will depend largely on how the facility is run, according to the African Centre for Economic Policy (ACEP).
Kodzo Yaotse, ACEP’s Policy Lead for Petroleum and Energy, said TOR’s ability to consistently supply refined products over time will be critical if it is to help stabilise pump prices.
He explained that the refinery’s influence on the fuel market will be shaped by its operating model—whether it purchases crude oil for its own refining or functions as a tolling refinery processing crude on behalf of third parties.
“If TOR procures its own crude, refines it, and supplies the market directly, that model is more likely to improve reliability and contribute to price stability at the pump,” Yaotse noted.
His remarks follow TOR’s resumption of crude oil refining after several years of inactivity, made possible by extensive Turnaround Maintenance (TAM) works on its Crude Distillation Unit carried out between August and October 2025.
The National Petroleum Authority (NPA) has since approved the restart, confirming that the refinery has met all safety and operational requirements. TOR is currently operating under a phased restart programme aimed at stabilising systems and optimising performance ahead of full recommissioning.
As part of the upgrade, a new furnace, F-61, has been installed, increasing the refinery’s processing capacity from 28,000 barrels per stream day to 45,000. Medium-term expansion plans are expected to raise capacity further to about 60,000 barrels per day.