Consider the following statements : 1. Petroleum and Natural Gas Regulatory Board (PNGRB) is the first regulatory body set up by the Government of India. 2. One of the tasks of PNGRB is to ensure competitive markets for gas. 3. Appeals against the decisions of PNGRB go before the Appellate Tribunals for Electricity. Which of the statements given above are correct?
- A.1 and 2 only
- B.2 and 3 only
- C.1 and 3 only
- D.1, 2 and 3
Correct answer
Explanation
The correct answer is B, 2 and 3 only. PNGRB promotes competition in gas markets and its decisions are appealed before the electricity tribunal, but it was far from the first regulator in India. The Petroleum and Natural Gas Regulatory Board was set up under the PNGRB Act, 2006. Regulators such as SEBI (statutory from 1992), TRAI (1997), the Central Electricity Regulatory Commission (1998) and IRDA (1999) came well before it, so statement 1 is wrong. The Act asks the Board to protect consumers and to promote competitive markets in the downstream oil and gas sector, for example by authorising city gas distribution networks and regulating access to pipelines, so statement 2 is correct. The Act names the Appellate Tribunal for Electricity, set up under the Electricity Act, 2003, as the appellate body for its decisions, so statement 3 is correct. Option A is wrong because it includes statement 1 and leaves out statement 3. Option C is wrong because it includes statement 1. Option D is wrong because statement 1 is false. Exam tip: PNGRB, 2006, downstream oil and gas regulator; appeals go to APTEL.
Practice Questions
View allThe Fourteenth Finance Commission assigned different weights to the following parameters for distribution of tax proceeds to the States :
1. Income distance
2. Population
3. Demographic changes
4. Area
Arrange the aforesaid parameters in descending order in terms of their weights.
- A.1-2-3-4
- B.1-2-4-3
- C.1-3-2-4
- D.4-3-2-1
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Income distance had the highest weight, followed by population, area and demographic change. The Fourteenth Finance Commission, chaired by Y.V.
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- B.The market price must be equal to marginal cost.
- C.The market price must be equal to average cost in the long run.
- D.The marginal cost decreases at the equilibrium output.
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- B.Third Five-Year Plan
- C.First Five-Year Plan
- D.Second Five-Year Plan
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- A.Foreign Direct Investment
- B.Commercial Borrowing
- C.Invisibles
- D.External Assistance
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Read the full explanation →Which one among the following was the focus of the Twelfth Five-Year Plan?
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- B.Social Justice and Equality
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