Petroleum
Petroleum products include petrol, diesel, kerosene, aviation fuel, marine fuel, furnace oil, liquefied petroleum gas while petroleum resources include crude oil, natural gas and hydrocarbons whether in natural, liquid, gaseous, solid semi-solid state.
Petroleum

In preparation of the proposed regulatory role of the PUCSL as the regulator of the downstream petroleum industry, the Commission has been advising and assisting the Ministry of Petroleum & Petroleum Resources Development and related Government agencies on policy and regulatory matters.

The downstream petroleum industry comprises of the following activities:

• Importing and exporting petroleum products or petroleum resources• Importing and exporting petroleum products or petroleum resources

• Refining and blending of petroleum resources or producing petroleum products

• Storing, distributing and transporting petroleum products or petroleum resources• Wholesale and retailing of petroleum products.

The regulation of the downstream petroleum industry at present is governed by the Petroleum Products (Special Provisions) Act No.33 of 2002 and Ceylon Petroleum Corporation Act No. 28 of 1961. At present the Minister of Petroleum Industries has overall powers to regulate the petroleum industry, but when issuing licences, the required advice and assistance are not forthcoming as there is a regulatory lacuna as the Energy Supply Committee (ESC), established under the Energy Supply (Temporary Provisions) Act No.2 of 2002, lapsed in 2004. The Ceylon Petroleum Corporation Act and the Petroleum Products (Special Provisions) Act are being amended to enable the PUCSL to fully regulate the petroleum industry.

Progress of Enactment of Industry Legislation for Regulation of the Petroleum Industry

The Commission continued to advise and assist the Ministry of Petroleum Industries in consultation with the Legal Draftsman’s Department and …

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Once the respective draft acts are passed by the parliament PUCSL will commence the regulations of the Petroleum sector in Sri Lanka. Meanwhile we have identified some preliminary activities in preparation of regulatory tools for the petroleum sector so that no sooner the acts are passed by the parliament PUCSL could regulate the sector