Sri Lanka petroleum retailer under utilities regulator
Oct 19, 2016 18:12 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT – Sri Lanka is to change its petroleum law to bring the state-owned refiner and retailer Ceylon Petroleum Corporation under the regulation of the Public Utilities Commission and supply agrochemicals and alternative fuels.
Government spokesman Mass Media Minister Gayantha Karunathilaka said the Ceylon Petroleum Corporation Act No. 28 of 1961 is to be amended to allow the changes.
“The government has noted the importance of transferring Ceylon Petroleum Corporation to the regulatory scope of the Public Utilities Commission of Sri Lanka,” he told a news conference.
A proposal made by Minister of Petroleum Resources Development Chandima Weerakkody to amend the law was approved by the Cabinet of Ministers, he said.
Under the proposal the law is to be changed to cover new businesses the CPC is engaged in like agrochemicals and could potentially get into like alternative fuels such as bio diesel and ethanol not covered under the old Act.
(COLOMBO, Oct 19, 2016)