Petroleum products are expected to be brought under Sri Lanka's multi sector utilities regulator which is already overseeing the power sector, from the beginning of 2013, with enabling legislation now being drawn up.
Petroleum ministry secretary R H S Samaratunga said Changes to the governing act of Sri Lanka's state-run Ceylon Petroleum Corporation and another law dealing with petroleum products has been drafted and referred to the attorney general for final approval.
He said the Public Utilities Commission of Sri Lanka will regulate pricing and quality aspects of the petroleum sector once the changes are done.
Jayatissa de Costa, chairman of Sri Lanka's Public Utilities Commission said his agency may be able to start regulating the sector by the first quarter of 2013 if legal changes go through the parliament on schedule.
The PUC is now the 'shadow regulator' for lubricants with the task been given to the agency through a cabinet decision, pending final legal changes.