The Cabinet of Ministers has approved the proposal presented by the Minister of Power and Energy to appoint a committee to study the matter and make recommendations to prepare a necessary legal framework for the introduction of a regulatory body for energy sector.
The proposed panel will be headed by the Secretary of the Ministry of Power and Energy.
In a statement, the government said that although the import, refining, distribution and sale of petroleum products including petrol, diesel, kerosene, jet fuel oil, liquefied petroleum gas (LPG) and lubricating oil are carried out within the existing legal framework, the sector is not subjected to a wide range of regulation or a petroleum mechanism.
Meanwhile, as private entities are involved in the import and distribution of products, the need for an independent, dynamic, effective and efficient regulatory mechanism has been identified to find solutions to problems, address challenges in the sector and safeguard the interests of consumers, investors and other stakeholders.
