COLOMBO, Feb. 19 (Xinhua) -- Sri Lanka has initiated steps to establish an independent regulatory authority for the petroleum sector, as the government continues to perform national-level regulatory functions for key entities.
According to a recent progress report issued by the Ministry of Energy, the country's petroleum sector reforms have generated new state revenue streams, and the entry of new operators has added to the ministry's oversight responsibilities. For instance, licenses have recently been granted to Sinopec Energy Lanka and R.M. Parks for fuel import and distribution.
Against this backdrop, the ministry stated it is facing issues such as insufficient officers and resources, which have affected the systematic execution of regulatory duties, acknowledging mounting pressure on the existing regulatory framework.
The ministry noted that it has identified the requirement for an independent regulatory entity to address the issue, and is currently in the process of making relevant national-level decisions to establish such a body.
This move aims to ensure a level playing field and proper oversight as the country's energy market becomes increasingly liberalized, the ministry added. ■