Petroleum Regulatory Board to be set up

New Delhi, Apr 17: The Government today said that a Petroleum and Natural Gas Regulatory Board will be set up to oversee and regulate refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas.

An official statement said that since the Petroleum and Natural Gas Regulatory Board Bill 2006 is now an Act the legislation, as passed by Parliament, has received the President's assent and has been notified in the Gazette.

As per the objectives of the legislation, a Petroleum and Natural Gas Regulatory Board will be set up to oversee and regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas.

This regulatory mechanism would facilitate uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country at fair price. It would promote competitive markets.

The Act empowers the Central Government to broadly lay down policy framework and intervene whenever public interest is adversely affected.

UNI