A Bill to put in place a regulator for the oil sector will be placed before the Cabinet for approval this month and presented to Parliament during the winter session, Petroleum Minister Mani Shankar Aiyar said.

"I will attempt to get the Bill to set up the Petroleum and Natural Gas Regulatory Board cleared by the Cabinet in a week to two weeks. The objective is to see that the Bill is cleared by the Parliament in December and a regulator put in placed before the end of the fiscal," he told reporters on the sidelines of a business conference in New Delhi on Wednesday.

The Board would oversee downstream oil refining and marketing of petroleum products, natural gas sales and transportation and product and gas pipeline.

Upstream oil and gas exploration and production business would be out of the purview of the proposed regulator, he said. The upstream business would continue to be regulated by the Directorate General of Hydrocarbon.