How is the consumer going to be protected?
At the retail end of the petroleum product supply chain, OMCS and other distributors will be able to set retail prices for petroleum products according to a pricing formula and without prior review or approval by an official authority. An independent oversight body, on which the government will be represented, will monitor application of the formula to ensure its full and timely implementation. This entity will be empowered to intervene only in the event that the formula has not been applied appropriately, in which case it could insist on corrective actions, and possibly sanctions. A cross-subsidization levy will be incorporated in the formula to ensure that the poor will have access to essential petroleum products like kerosene and premix fuel for the fishermen on relatively affordable terms. The cross-subsidization levy on the budget will be revenue neutral.
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