Mr Joseph Henry Mensah, Senior Minister, on Friday said the debt the Tema Oil Refinery (TOR) owes the Ghana Commercial Bank (GCB) had been converted into long-term bonds.

He said government came to this decision in order to cover the over-exposure of the bank, which formed about 90 per cent of the total debt.

The total debt of 4.5 trillion cedis, according to him, was incurred, especially between 1999 and 2000.

Mr Mensah said this at a press briefing to announce new prices for petroleum prices in Accra. The new price for a gallon of premium petrol is now 20,000 cedis, up from the previous 10,500 cedis, liquefied petroleum gas is 3,800 cedis per kilo, premix and marine fuel, 16,000 cedis a gallon each while kerosene and diesel will now sell at 17,500 cedis a gallon each.

Mr Mensah said the situation facing the GCB is real and must not be glossed over, adding that the Bank is very potent and viable.

He said government was taking the situation at TOR very seriously, saying it was being addressed with all the energies and efforts available.

He explained that stakeholders such as the Association of Ghana Industries, Private Enterprise Foundation, religious bodies and other well-meaning institutions were consulted in determining the new petroleum prices.