New Authority to regulate, fuel and energy sector for 2024

An independent regulatory authority will be established next year to regulate the country’s energy sector.

By establishing such an independent regulatory authority, new trends in the world energy sector will be recognised and the Sri Lankan energy industry will be streamlined accordingly.

Power and Energy Minister Kanchana Wijesekera disclosed this in a discussion held with the representatives of lubricant importers at the Power and Energy Ministry auditorium yesterday.

The proposals presented by the lubricant importers regarding new regulations, government policy decisions and several other issues was discussed. The minister stated that a new independent regulatory authority is planned to be installed next year to regulate the fuel and energy sector in Sri Lanka.

This regulatory authority is expected to conduct a regulatory process covering the entire energy sector. Also, the government has decided to grant licenses to import lubricants every three years.

All types of imported lubricants are facilitated to be sold at nearly 1,200 filling stations contracted with the Ceylon Petroleum Corporation (CPC), enabling customers to purchase them at their discretion.Attention was drawn on the need to create a good competitive market for all quality products so that there is no market monopoly.

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