The Hindu Business Line : Petroleum regulatory board Bill tabled in RS

A BILL to provide for the setting up of the Petroleum and Natural Gas Regulatory Board, which will regulate the petroleum and natural gas sector and protect the interests of consumers and entities engaged in such activities, was introduced in the Rajya Sabha.

While introducing the Petroleum and Natural Gas Regulatory Board Bill, 2005, the Petroleum Minister, Mr Mani Shankar Aiyar said, once enacted, the Board would ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country and promote competitive markets.

Elaborating on the functions of the proposed Board, the Minister said, the Bill has provision of retail service obligations for retail outlets and marketing service obligations for entities, which will have to display, for the information of consumers, the maximum retail prices for the notified petroleum and petroleum products, and natural gas.

The proposed Board would lay down, by regulations, the technical standards and specifications, including safety standards, in activities relating to petroleum, petroleum products and natural gas.

This includes construction and operation of pipeline and infrastructure projects related to downstream and natural gas sector.

It would also monitor transportation rates and take corrective action to prevent restrictive trade practices by the entities.

The proposed Board would also levy fees and other charges determined by regulations.

The Bill envisages that the Board would consist of a chairperson, a member (legal), and three other members.