Consider the following statements:Petroleum and Natural Gas Regulatory Board (PNGRB) is the first re

Question

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?

Accepted Answer

Statement 1 is not correct: The Petroleum and Natural Gas Regulatory Board (PNGRB) was constituted under The Petroleum and Natural Gas Regulatory Board Act, 2006.Statement 2 is correct: The Act provides for the establishment of 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.Statement 3 is correct: The Appellate Tribunal established under section 110 of the Electricity Act, 2003 (36 of 2003) is the Appellate Tribunal for the purposes of Petroleum and Natural Gas Regulatory Board Act, 2006.