Published on: April 26, 2024

New Independent Institution to Oversee Power and Energy Sector Regulation – State Minister of Power and Energy D.V. Chanaka

State Minister of Power and Energy D.V. Chanaka stated that the necessary steps will be taken to establish an independent regulatory body for overseeing the power and energy industry.

The State Minister additionally noted that the said institution handles matters pertaining to the importation, quality assurance, distribution, and sale of energy resources, thereby ensuring equitable service delivery to consumers.

State Minister D.V.Chanaka made these remarks during his participation in a press briefing held at the Presidential Media Centre (PMC) today (26), under the theme ‘Collective Path to a Stable Country’.

The State Minister further elaborated that,

“We have successfully ensured the essential stability required for uninterrupted energy supply. The time of waiting in fuel queues is over. Our ministry and its associated bodies are now capable of delivering high quality fuel.

Also, we have recognized the necessity for an independent regulatory body related to the import, quality, distribution and sale of the power and energy sector. To explain further, the purpose of establishing this independent body is to regulate the quality, distribution competition and prices of all crude oil, petrol, diesel, jet fuel, LPG, LNG and lubricating oil imported into the country. It should also be mentioned that it will enable customers to receive supplies at a regular and fair price. The necessary information to prepare the main framework for that has been presented to the Cabinet.

Additionally, in light of global market conditions and potential fluctuations in fuel prices, tenders have been issued for the procurement of fuel for the next 06 months. Further tenders will be issued on the 30th of this month and the 13th of the next month and for an additional two months. This ensures the fulfilment of fuel requirements for the year 2024. Importantly, even if there is a rise in fuel prices globally, our instalments will remain unchanged.

Moreover, two task forces are currently analysing global market trends and fuel prices, leading to substantial savings of millions of dollars for our country.

For a period, late fees were routinely incurred for ships involved in fuel importation, a matter frequently reported in the news. However, over the past eighteen months, no late fees have been accrued as we have made the payments on time.

Moreover, we presently hold surplus fuel reserves equivalent to one month’s consumption, alongside a dollar reserve earmarked for one month’s fuel procurement. Consequently, we possess a two-month supply of fuel and dollars both, ensuring sufficient provisions for our operations.

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