Shoura Council to amend petroleum trade law

The Council of Ministers have drafted an amended law on trade in oil and petroleum products and sent it to the Shoura Council for review. The articles in the draft define commercial activities related to the prices of petrol derivatives and other petroleum products, including its sale, transportation, storage, distribution, use and export. The amends proposed also deal with violations and penalties and identify the authorities responsible for monitoring and putting the law into action. Under the law’s jurisdiction, no one can practise any business activity related to the price for sale, transportation, usage, export or distribution of petroleum products unless they adhere to the law.

Financial penalties include imprisonment for a maximum of 10 years or payment of not more than 20 times the international price for the violated products or both. Additionally, the goods involved along with transportation means and profits will be confiscated. Any violators that operate through an organized criminal cell or who are government employees who violated their position to carry out the violation will serve at least half of the maximum penalty.