RA To Extend Oversight To Fuel Sector
The Regulatory Authority of Bermuda announced “its expansion into the regulation of the fuel sector, effective 1 January 2024.”
A spokesperson said, “This strategic move is in alignment with the Fuel Act 2022, signifying a noteworthy step in the organisation’s commitment to regulatory oversight in Bermuda. This aligns with its mission to serve stakeholders through a proactive, innovative, and responsive regulatory framework.
“The Fuel Act 2022, the guiding legislation for the regulation of fuels, outlines key objectives that underpin this endeavour. Firstly, the RA aims to ensure a proper, adequate, and continuous fuel supply. Secondly, the regulatory focus will be on fostering the safe, efficient, economical, and environmentally responsible operation of the fuel sector to meet the highest standards.
“Additionally, the RA commits to securing the continuity of services over critical infrastructure in Bermuda by identifying and mitigating risks through an effective risk management strategy. The public can expect the RA to regulate the fuel sector to ensure the provision of fuel at reasonable prices, aligning with international standards while guaranteeing fair and reasonable returns for those in the fuel sector.
“Moreover, the RA is dedicated to encouraging investments in the fuel sector with a focus on promoting fair competition, economic activity, and the long-term sustainability of fuel supplies, as stated within the Fuels Act 2022.
“To engage the public and stakeholders in shaping the regulatory landscape of the fuel sector, the RA announces the initiation of a public consultation period. Beginning on 1 January 2024, and concluding on 14 February 2024, this consultation will provide an opportunity for valuable input, feedback, and insights from all interested parties on a fuel pricing methodology.
“Further details on the public consultation, including how to participate, will be made available on the RA’s official website ra.bm.
“The Regulatory Authority of Bermuda looks forward to a collaborative effort in building a fair and stable regulatory environment for the fuel sector.”
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