Thursday Dec 12, 2024
Thursday Dec 12, 2024
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The Attorney General has cleared the new Petroleum Products Bill, leading it to be gazetted shortly for Parliament nod.
The approval of the Bill and follow up steps came up for discussion at the Cabinet of Ministers meeting on Monday.
On 25 April, the Cabinet of Ministers approved the amendment of Petroleum Products Act (Special Provisions) No. 33 of 2002, to ensure the continuous supply of petroleum products due to the current severe foreign exchange deficit.
The move will open up the petroleum industry allowing companies from oil-producing countries to engage in the importation, distribution and retail activities. At present, the Government struggles to secure $ 600 million monthly to import fuel amidst the worst foreign reserves and currency crisis faced by the country.
The State-run Ceylon Petroleum Corporation (CPC) contributes around 90% of the total fuel supply currently, while the remaining 10% is supplied by the Lanka Indian Oil Company (LIOC).
The proposal to this effect submitted by Power and Energy Minister Kanchana Wijesekera to publish the draft bill in the Government gazette to be tabled in Parliament was approved by the Cabinet of Ministers on Monday.
