s.5Functions of the Office under this Law
5
Section 5Part 0 —

Functions of the Office under this Law

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The Office shall supervise the fuel sector in accordance with its jurisdiction under the Utility Regulation and Competition Law, 2016 [Law 49 of 2016] and, in doing so, the functions of the Office are as follows —
to implement policy objectives set out in directions issued by Cabinet pursuant to the Utility Regulation and Competition Law, 2016 [Law 49 of 2016];
to promote fair competition in the fuel sector;
to provide consumer protection in the fuel sector;
to conduct investigations required under this Law;
to monitor the prices of fuel;
to promote and facilitate the introduction of alternative fuels into the economy;
to discharge duties conferred on it by this Law or any other law;
to appoint the Chief Petroleum Inspector pursuant to the Dangerous Substances Handling and Storage Law, 2003 [Law 21 of 2003];
to ensure that the fuel supplies of the Islands are adequate, reliable, efficient and economical for the Islands and for consumers;
to establish and keep under review procedures and processes determined by the Office to be necessary to assure public safety and a healthy and safe environment in all regulated premises;
to prevent discrimination against, or preferential treatment of, any person in the fuel sector, and to prevent monopolistic control of any segment of the chain of supply of fuel; and
to minimise barriers to entry for new participation and investors in the fuel markets.
In performing its functions and exercising its powers under this or any other Law, the Office —
may make administrative determinations relating to issues arising in the regulation of the business of the fuel sector;
shall monitor the global fuel markets in order to understand the market forces which impact on the importation and pricing of fuel delivered to the Islands;
shall regulate the operations and trade practices of the fuel sector, having regard to the ecological and environmental needs of the Islands;
where appropriate and, if considered to be in the public interest, may mandate and regulate infrastructure sharing;
shall facilitate investments in the fuels sector to secure efficiency, competitive prices and growth in the economy generally;
shall maintain a data base of all fuels imported into the Islands, and, as near current as possible, an inventory of bulk storage;
shall conduct market analyses to assess the effectiveness of competition in the markets;
shall provide reports to the Cabinet on the effectiveness of competition in the fuel market;
shall take such action as is required under this Law and any other law to secure the safety of regulated premises;
shall collect fees due under this Law and the Dangerous Substances Handling and Storage Law, 2003 [Law 21 of 2003]; and
shall perform any and all such acts as may be necessary to carry out the purposes of this Law.

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