IOC MD stresses need for Petroleum Regulator

Ramani KANGARAARACHCHI

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.