The proposed panel will be headed by the Secretary of the Ministry of Power and Energy.In a statement, it said the sector is not subjected to a wide range of regulation or a petroleum mechanism.

The government said that the import, refining, distribution and sale of petroleum products including petrol, diesel, kerosene, jet fuel oil, liquefied petroleum gas (LPG) and lubricating oil are carried out within the existing legal framework,

Meanwhile, as private entities are involved in the import and distribution of products, the need for an independent, dynamic, effective and efficient regulatory mechanism has been identified to find solutions to problems, address challenges in the sector and safeguard the interests of consumers, investors and other stakeholders.