Oct 19, 2016 (LBO) - Sri Lanka’s cabinet has approved appointment of the Public Utilities Commission as the regulator of the petroleum industry.
"The government has noted the importance of transferring Ceylon Petroleum Corporation to the regulatory scope of the Public Utilities Commission of Sri Lanka," a statement on cabinet decisions said.
The proposal was made by Chandima Weerakkody, minister of Petroleum Resources Development to amend the Ceylon Petroleum Corporation Act No. 28 of 1961 to achieve this objective.
At present Ceylon Petroleum Corporation and Lanka Indian Oil Company are engaged in the industry.
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