Sri Lanka’s cabinet has approved the appointment of the Public Utilities Commission (PUC) as the regulator of the lubricant and bitumen industries, with the intent of increasing competition.
Currently, 13 companies, including Ceylon Petroleum Corporation (CPC) and Lanka Indian Oil Company (LIOC), are participants in Sri Lanka’s lubricant industry, while bitumen involves only two, CPC and LIOC.
With the cabinet decision, Sri Lanka’s Petroleum Ministry will issue new licenses for those seeking to participate in the lubricant industry. PUC has also been tasked with re-assessing the registration fees.
The Sri Lanka Standards Institute will issue national standards conformity certificates to companies which have been approved by PUC, while the Consumer Affairs Authority has been tasked with removing all sub-standard and unlicensed products. The Sri Lanka Customs and Import Export Control will also regulate the importation of lubricants.