The prices of some petroleum products are expected to be reviewed upward soon, to raise money to retire the Tema Oil Refinery debt and to prevent continuous accumulation of debts in order to alleviate the effects of the debt on the banking system. The price of premium is expected to be increased from two pesewas per litre to eight pesewas per litre; gas oil will go up from two pesewas to eight pesewas; marine gas oil from 2.5 pesewas per litre to three pesewas, and residue fuel oil up from 3.5 pesewas to four pesewas. The expected revenue from the levy for the year 2011 is GHC330,000,000 as indicated in the budget statement. However, the prices of liquefied petroleum gas, premix and kerosene will remain unchanged. The proposed upward adjustment is contained in the report of the Parliamentary Standing Committee on Finance on the Tema Debt Recovery (Tema Oil Refinery Company) Fund (Amendment) Bill, 2010 laid before Parliament. The purpose of the bill is to amend the Debt Recovery (Tema Oil Refinery Company) Fund Act, 2003(Act 642) to replace the schedule and increase the levy on specified petroleum products. The report is scheduled to be debated upon and a decision taken today. The report, which was signed by James Avedzi, chairman of the Finance Committee, said "TOR's debt burden remains high and threatens the financial viability of the country's banking system; hence, the decision of government to come out with the adjustment." It said the passage of the bill would help in the speedy repayment of TOR's debt in order to put the company on a sound financial footing to play a significant role in the emerging petroleum industry, especially in the downstream sector. The report said the government refinanced about GHC445 million of TOR's debt this year, as part of measures to stabilise the company. According to the report, the committee members advised the government to come out clearly on exactly how much the TOR debt was at the end of 2008, and how much it is currently. The government set up the TOR Debt Recovery Fund Act in 2003 to finance the TOR's accumulated debt and to cater for the company's under recovery. Source: Times