Petroleum Products (Special Provisions) (Amendment) Act, which was passed in the parliament, is effective from October 26, Minister of Power & Energy Kanchana Wijesekera says.
This was announced in a special gazette notification published by Minister Wijesekera earlier.
He stated that following an evaluation, new retail suppliers for the sale of petroleum products would be permitted to enter the domestic market by the end of the year.
The Act is expected to encourage investments and setup an Energy Supply Committee for regulation. It would eliminate the monopoly of the Ceylon Petroleum Corporation (CPC) on Jet Fuel.
Petroleum Products (Special Provisions) (Amendment) Bill was passed in the parliament on October 18 to amend the Petroleum Products (Special Provisions) Act No. 33 of 2002.
Subsequently, Speaker of Parliament Mahinda Yapa Abeywardana endorsed the certificate on the Bill.
