Fana: At a Speed of Life!

Parliament passes petroleum regulatory authority establishment law

0 569

Addis Ababa, May 21, 2019 (FBC) –The Ethiopian Parliament today approved the law for the establishment of petroleum and petroleum products supply and distribution regulatory authority.

It was indicated that petroleum is a strategic commodity providing the main source of energy that is vital for the development and prosperity of the country.

Ethiopia spends more than $2.8 billion every year to import fuel. It imported 3.8 million metric tons last year alone.

The authority will have the objective to ensure that petroleum and petroleum products destined for end users meet national standards and specifications, the reliability of their supply and their accessibility distribution to the public as well as the conformity of their use with their intended purpose.

It will also coordinates and supports actors involved in petroleum and petroleum products supply and distribution activities so as to enable them discharge their legal and contractual obligations with a sense of responsibility and accountability, and put in place a system of control to this end.

It will further determines in kind and quantity of petroleum and petroleum products to be held in reserve, gives the necessary support for effective and efficient petroleum reserve administration and construction of petroleum storage depots in collaboration with the appropriate bodies.