Industry & Economy
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Petroleum
Secretaries panel takes up oil, gas sector Regulatory Board Bill
Richa Mishra
New Delhi
,
March 17
THE Petroleum and Natural Gas Regulatory Board Bill had been taken up for discussions by a Committee of Secretaries (CoS) here to deliberate on some of the contentious issues raised by the oil and gas companies, and the other Central Ministries.
The Bill, which is to set up the Petroleum and Natural Gas Regulatory Board, proposes to oversee downstream oil refining and marketing of petroleum products, natural gas sales and transportation of and gas pipelines, was referred to a Group of Ministers (GoM) end of last year. The GoM had then referred the Bill to CoS.
According to official sources, the Bill had come in for sharp criticism from the Ministry of Chemicals and Fertilisers and the Ministry of Company Affairs particularly on the autonomy of the proposed board, its powers to fix and regulate prices and its capability in fostering competition and to protect the interest of the consumers.
The move to set up a board for the sector was to ensure uninterrupted and adequate supply of petroleum and petroleum products including natural gas but not crude oil to all parts of the country, including remote areas, at fair prices.
It also stipulated formulating sectoral regulations to ensure competition, protect consumers and encourage investment as well as take action against violation of rules and regulations of the board.
Further, the Bill also gave power to the Centre to broadly lay down the policy framework and intervene in matters affecting public interest in certain exigencies as well as maintaining a data bank of information on activities relating to petro products to enable planning and development thereof.
The Bill also provided that if a person violated direction of the board, then the person could be fined. If an entity marketed any notified petroleum or petroleum products without a valid authorisation, it shall be punishable with imprisonment, which may extend to three years or fined. The private sector and multinational gas companies had also sought certain changes in the Bill.
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