Consider the following statements:
- Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India.
- One of the tasks of PNGRB is to ensure competitive markets for gas.
- Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity.
Which of the statements given above are correct?
- 1 and 2 only
- 2 and 3 only
- 1 and 3 only
- 1, 2 and 3
Explanation
Statement 1 is incorrect, and statement 2 is correct
- The Petroleum and Natural Gas Regulatory Board (PNGRB) was constituted under the Petroleum and Natural Gas Regulatory Board Act, 2006, notified via Gazette Notification dated 31st March, 2006. The Act provides for the establishment of the Petroleum and Natural Gas Regulatory Board to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products, and natural gas, and to promote competitive markets, and for matters connected therewith or incidental thereto.
- The board has also been mandated to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas, excluding production of crude oil and natural gas, so as to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country.
- There are many other regulatory bodies that predate the PNGRB, such as SEBI and TRAI.
- A regulatory body performs functions such as setting standards, formalising rules and regulations, maintaining competition, setting price controls, etc., in various sectors of the economy.
Statement 3 is correct
- Main activities of Appellate Tribunals for Electricity (formed Electricity Act, 2003) are to entertain the appeals both under the Electricity Act, 2003 and under of the Petroleum and Natural Gas Regulatory Board Act, 2006 against the orders passed by the Central, Joint and State Commissions as well as the Petroleum and Natural Gas Regulatory Board and dispose of the same within the stipulated period time.
