New regulatory body for power sector approved

The Cabinet of Ministers has given its green light for the introduction of a new regulatory body to the power sector, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana said.

Speaking at the weekly Cabinet media briefing held yesterday at the Government Information Department, Minister Gunawardhana said that the Cabinet of Ministers granted approval to the proposal suggested by the Minister of Power and Energy for appointing a committee chaired by the Electricity and Power Ministry Secretary to present recommendations after studying that and formulate a legal framework in this regard.

“Although the import, refinery, distribution and marketing of petroleum products including petrol, diesel, kerosene, aeroplane fuels, liquid petroleum gases (LPG) is implemented within the existing legal framework, there is no broad regulatory mechanism,” sources said.

Since several private establishments are engaged in import and distribution of petroleum products, the requirement of an independent, dynamic, productive and efficient regulatory mechanism has been recognized to look for solutions to the challenges of the sector, to enhance the quality of the products and safeguard the requirements of consumers, investors and other stakeholders.

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