IOC MD stresses need for Petroleum Regulator
An exclusive Petroleum Regulator will focus on the petroleum industry
and the need of the hour is to bring fresh investments into the industry
to develop infrastructure in the upstream and downstream petroleum
sector, said Managing Director, IOC K.R. Suresh Kumar.
He was speaking at the annual sessions of the Sri Lanka Energy
Managers’ Association at the Taj Samudra Hotel recently.
He said that a Petroleum Regulator is needed for Sri Lanka to protect
the public interests while respecting individual rights and to provide
effective and efficient regulation.
It will also increase private investments and ownership in the
midstream and downstream petroleum industry.
Suresh Kumar said that the objective of the petroleum regulator is to
regulate the refining, processing, storage, transportation,
distribution, marketing and sale of petroleum products and natural gas
so as to protect the interest of consumers and entities engaged in
specified activities and to ensure an uninterrupted and adequate supply
and to promote competitive markets.
Elaborating on the expectations of the Regulator, he said that
protecting consumers against unfair trade practices by allowing
consumers to be heard, informing them of their interests and educating
consumers are vital.
Stimulating competition, promoting efficiency and encouraging an
efficient allocation of resources, benchmarking utilities services
against international standards and ensuring that those involved in the
industry do not find it too difficult to finance their business are some
of the other expectations.