(CNS): With the publication of the amendments, regulations and official commencement order for the new law dealing with the local fuel sector, the Utility Regulation and Competition Office has said it will soon begin issuing permits. The implementation of the Dangerous Substances Law is intended to not only improve safety and fuel quality but to make the economics surrounding fuel prices more transparent. OfReg, the new umbrella regulator, which has taken over from the fuel inspectorate, is urging everyone in the industry to swot up on the law to ensure they are compliant.
Duke Munroe, the director and chief inspector of the fuels market who has moved to the new utilities authority from the old Petroleum Inspectorate, said the law and regulations had gone through a rigorous review process. But the resulting legislative package is now more robust and comprehensive, and includes fuel quality provisions and the much-anticipated economic regulation of the sector.
“Not many people would be aware of or appreciate the magnitude of the review and amendment process, but nevertheless we are here and we are ready, as the new regulatory agency, to leverage best practices and promote efficiency, consistency and transparency as it relates to the fuels industry here in the Cayman Islands,” he said.
Munroe stated in a release that the priority for OfReg now is to ensure that all premises and vehicles falling under the ambit of the law have the relevant permits in place and he will begin issuing them within the next few weeks.
“We will be engaging the public and our stakeholders through various channels to educate them about the Law and how it impacts them. The first phase of our outreach will focus on safety and compliance within the sector. Then we will move to the issue of regulation of the fuels market over the coming months.”
Among a number of preliminary requirements under the amended law, the Fuel Standards Committee and the Fuel Advisory Committee have been appointed and will begin meeting shortly, Munroe added. He encouraged members of the fuel sector and the public to review the law, its amendments and regulations, and contact OfReg on 946-4282 or [email protected] for more information.
See the law and regulations on the government gazettes website here.