Deputy Minister of Mines, Mr Clement Eledi has said that it is high time Ghanaians paid realistic prices for petroleum products or "risk the collapse of Tema Oil Refinery (TOR), the Ghana Commercial Bank and the entire national economy.

He said the Government is so responsible that it would not sit back and allow such a misfortune to befall the nation.

Mr. Eledi was replying to suggestions made by Mr Simon Abingya, Deputy Minister for Mines and Energy in the NDC government, at the just-ended People's Assembly in Bolgatanga.

Mr Abingya had earlier suggested that government should first of all put it's house in order by appointing a substantive chief executive for the Tema Oil Refinery (TOR) rather than having a committee to oversee the company's operations.

He also observed that any increases in the prices of petroleum products at this time, would bring untold hardships to the people. He therefore, urged government to critically examine its decision, and to await the outcome of the decision by the Organisation of Petroleum Exporting Countries (OPEC) to step up the production of crude oil.

Mr. Eledi replied that the previous government left TOR in a debt of three trillion cedis, which the present government had to settle. He added that the only way out was for the government to hold the bull by the horns for things to get better.

"Our government is a government of truth and will always lay the issues bare for the good people of this country to see," he said.

Mr Eledi said no reasonable government would deliberately impose hardships on its citizenry, and urged the people to bear with government as the prevailing situation was a critical one.

He gave the assurance that government was prepared to take right decisions to steer the nation to economic prosperity.