CURRENT AFFAIRS

Detailed explanation-1: -In September, the government constituted the committee, led by energy expert and former Planning Commission (since renamed NITI Aayog) member Kirit Parikh, to review the gas pricing formula for gas produced in the country with the aim to ensure a fair price even as global prices for gas remained high.

Detailed explanation-2: -Committee on LPG Marketing The Committee headed by Economist Kirit Parikh will look into issues related to definition or quality standards of LPG being marketed.

Detailed explanation-3: -The Kirit Parikh committee, which was set up by the government to review the pricing formula for gas produced in the country as global energy prices soared, has recommended complete liberalisation of natural gas prices by January 1, 2027.

Detailed explanation-4: -Kirit Parikh Committee on Gas Pricing has submitted its report to the Petroleum Ministry. Read more about the Kirit Parikh Committee on Gas Pricing in India.

Detailed explanation-5: -The Kirit Parikh Committee, which recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned producers to moderate input price for CNG and fertilizer, has favoured paying ONGC and OIL a premium of 20 per cent over such price for any new gas production they add from old fields.