Friday, Apr 19, 2002
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By Our Special Correspondent
The proposed Board, whose mandate would be to oversee and regulate the petroleum sector, would have sweeping powers to check profiteering and ensure availability of petroleum products. Its primary functions would be to protect consumer interest by fostering competition and fair trade. In this regard, it would authorise entitites to market petroleum products, lay down service obligations for retail outlets and marketing service obligations for entities and monitor prices of petroleum products. Disclosing this, sources said the Board, which would have the same powers as that of a civil court, would decide any dispute amongst entities and consumer groups, levy fees and other charges and impose penalties. Its powers would, however, not be totally unbridled. There would be a provision in the Bill, under which the Government would have the powers to lay down broad policy framework from time to time, intervene in public interest and issue directions to the regulator.
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