Press briefing of Cabinet Decision taken on 2024-04-25 (Subject to Confirmation at the next Meeting)

Introduction of a New Regulator for the Petroleum Sector

- Although the importation, refining, distribution and sale of petroleum products including Gasoline, Gas oil, Kerosene, Aviation Fuel Oil, Liquefied Petroleum Gas (LPG) and Lubricants operate within the existing legal framework, this sector lacks a comprehensive regulatory mechanism. As many private entities are also involved in the importation and distribution of petroleum products, the need for an independent, dynamic, effective and efficient regulatory mechanism has been recognized to address the challenges in the said sector, enhance product quality and protect the interests of consumers, investors and other stakeholders. Accordingly, the proposal made by the Minister of Power and Energy to appoint a Committee headed by the Secretary, Ministry of Power and Energy to study in that regard and make recommendations and prepare a legal framework for the same, was approved by the Cabinet.