ECONOMYNEXT – Sri Lanka’s cabinet has approved appointing a panel to draft a law to set up petroleum regulator, Minister Bandula Gunawardana said.
The regulator will cover liquified petroleum gas, petrol, diesel, kerosene, aviation fuel and lubricants.
The committee headed by the Secretary to the Energy Ministry will draw up the legal framework, Gunawardana told reporters on Friday.
“Cabinet of Ministers approved the proposal to establish a Regulator for the Energy Sector. PUCSL will remain as the Electricity sector Regulator and a new Regulator will be introduced for Petroleum, LPG, LNG, Lubricants, Oils & Energy Sectors,” Energy Minister Kanchana Wijesekera said on X.
“Accordingly a committee was appointed to propose the draft frame work for the Energy Sector Regulator in two months on Fair Pricing Mechanisms & Pricing Formulas, Quality Assurance, Compliance Monitoring, Safety in Unloading, Storage & Distribution, Environmental Standards, Industry Collaboration & Stakeholder Engagement, Dispute Resolution, Public Awareness & Education, Emergency Response and Risk Management.”
Several private establishments are engaged in import and distribution of petroleum products in the island.
The regulator will have wide powers to “address challenges in the sector, ensure quality of products, and protect the interests of the public and investors,” a government statement said. (Colombo/Apr26/2024)