OREANDA-NEWS. The Cabinet of Ministers today approved a bill to amend Law no.461-XV of 30 July 2001 on the oil market.

The document includes the adjustment mechanism for pricing of retail trade in liquefied gas, assigning the competence of the National Agency for Energy Regulation (ANRE) possess prerogative to adjust and specify every two weeks, retail ceiling price of liquid gas, depending on international prices.

Amendments and additions proposed, change essentially the concept of the current law on the petroleum products market, in respect of liquefied gas trade prices and grant additional powers to ANRE in this regard by introducing pricing mechanism of liquefied gas based on its price cap retail.