The Hindu Business Line : Govt confident of passing petroleum regulatory Bill

"We are confident," Mr M.S. Srinivasan, Additional Secretary, Ministry of Petroleum, told journalists here, on the sidelines of the CII-organised Energy Summit.

The Bill was introduced in the Lok Sabha in May 2002 by the then Union Minister of Petroleum, Mr Ram Naik. It seeks to provide for the establishment of the Petroleum Regulatory Board (PRB) to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum and petroleum products excluding production of crude oil and natural gas.

The Bill also intends to protect the interests of consumers and entities engaged in specified activities relating to petroleum and petroleum products, ensure uninterrupted and adequate supply of petroleum and petroleum products all over the country, promote competitive markets and related matters.

Mr Srinivasan also observed that the (regulated) prices of natural gas were so low that it made further investments in development of natural gas fields unviable.

At the Energy Summit, Mr Srinivasan spoke about how the "petro-addiction" would endanger the very sustainability of mankind and called for a paradigm shift in the choice of energy sources. He said research into a combination of nano technology and use of hydrogen as fuel could yield a solution.