Petroleum Products (Special Provisions) Act enforced from October 26

• Bill provides provision to liberalise fuel distribution in Sri Lanka

By Yohan Perera

Petroleum Products (Special Provisions) (Amendment) Act that was passed in Parliament has been enforced from October 26.

 After evaluation, new retail suppliers for the sale of Petroleum Products will be permitted to enter the domestic market by the end of the year, Minister of Power and Energy Kanchana Wijesekera said yesterday.

Speaker Mahinda Yapa Abeywardena endorsed the Bill on October 21, 2022 after it was approved by Parliament on October 18. Some 77 members voted for it and 17 against during the second reading.  It was approved without a vote during the third reading.

The Bill provides provision to further liberalise the fuel distribution in Sri Lanka, while it also provides for the removal of the monopoly which Ceylon Petroleum Corporation (CPC) enjoyed in the distribution of aviation oil.

• After evaluation, new retail suppliers for the sale of Petroleum Products will be permitted to enter the domestic market by the end of the year