For the past 10 years, the department of Resources, Wildlife and Economic Development has conducted scientific research and discussions with the public, industry, government and businesses in the NWT about different approaches to safe management of oil and petroleum.
Emery Paquin, RWED's director of environmental protection, said following other jurisdictions' approaches, such as those in Southern Canada, would mean extremely high costs here in the North.
Instead of the 'dispose and recycle' approach often used in the South, the GNWT allows businesses and industry to dispose of oil and waste fuel so long as it meets accepted environmental safeguards.
Some of the main features of the new regulations include prohibiting the discharge of used oil and waste fuel into the environment, proper storage to eliminate risk of spills, and the prohibition of open burning of used oil.
"We don't feel that there should be any surprises here," said Paquin.
In order to ensure these regulations are met in the NWT, he added, a watchful eye will be kept on businesses and industry.
"There will be periodic inspections," he said, adding that because of the size of the NWT, the officers usually have a good handle on what is going on already.
According to RWED statistics, oil and waste fuel account for about 70 per cent of the hazardous waste generated in the territory each year.
The regulations are part of the NWT Environmental Protection Act.