Press Secretary and Presidential Spokesman, Mr Kwabena, Agyepong, has dismissed claims that the total debt of TOR was ?1.6 trillion at the time the NPP assumed office.

In an interview, he claimed that, at the time the government took office, the management of TOR indicated that the total debt of the refinery was ?2.3 trillion and that the information was the basis of a statement delivered by the Finance Minister, Mr Yaw Osafo Maafo in Parliament in February 2001 that the TOR debt was ?2.3 trillion.

Mr Agyepong explained that the ?2.3 trillion comprised ?2.104,499,784 overdraft contracted from banks by December 31, 2000 and ?200 billion debt that had accumulated by February 2001.

"Later the management informed the government that there was another debt of ?1.08 trillion which was not taken into account when the total debt was calculated," he said.

On the allegations of misuse of a windfall of ?66 billion which accrued to government as a result of the reduction in oil prices on the world market, Mr Agyepong said government never misused any windfall and explained that the windfall was used to defray part of the TOR debt.

He said interest alone on the ?3.4 trillion TOR debt amounted to ?393 billion as at 2002.

He said as a result of the inability of government to increase oil prices to reflect prevailing world market conditions, TOR is registering operational loses and indicated that as at September 2002 the refinery had recorded operational loses to the tune of ?296 billion.

Mr Agyapong said "it is time to stop the bleeding at TOR by adjusting fuel prices upward”.