Petroleum Products (Special Provisions) (Amendment) Act, which was passed in the parliament, is productive from October 26, Minister of Power & Energy Kanchana Wijesekera says.
This was announced in a particular gazette notification published by Minister Wijesekera earlier.
He stated that following an evaluation, new retail suppliers for the sale of petroleum merchandise would be permitted to enter the domestic marketplace by the finish of the year.
The Act is anticipated to encourage investments and set up an Energy Supply Committee for regulation. It would eradicate the monopoly of the Ceylon Petroleum Corporation (CPC) on Jet Fuel.
The 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.