Petroleum and Natural Gas Regulatory Board

Subject – Economy

Context – City gas licensing round draws 430 bids

Concept –

It is a statutory body in India, constituted under the act of Parliament of India, namely Petroleum and Natural Gas Regulatory Board Act, 2006.
Its primary functions include regulation of refining, transportation, distribution, storage, marketing, supply and sale of petroleum products and natural gas.
PNGRB authorises the CGD networks, natural gas and petroleum product pipelines, determines tariff, lays down the technical and safety standards etc.
Entities will have to register with the PNGRB to market petroleum products and natural gas, operate LNG terminals and establish storage facilities beyond specified capacity.
The PNGRB will have the same powers as a civil court to settle disputes. The Appellate Tribunal under the Electricity Act will serve as the Appellate Tribunal for this Act.