Q. Consider the following statements regarding “Petroleum and Natural Gas Regulatory Board (PNGRB)”:
1.It was constituted under the provisions of the Petroleum & Natural Gas Regulatory Board Act, 2006.
2.It ensures uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country.
Which of the statements given above is/are correct

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: The Petroleum and Natural Gas Regulatory Board (PNGRB) was constituted under the provisions of the Petroleum & Natural Gas Regulatory Board Act, 2006. Its mandate is:

  • to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas
  • to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country
  • to ensure development of essential infrastructure and its optimum utilisation
  • to protect the interests of both consumers as well as the entities operating in this sector
  • to facilitate and promote a competitive market and
  • to provide a level playing field to ensure flow of massive investments.

Source: Laxmikanth Governance