Government has constituted a committee to review the functioning of Petroleum Service Company, PSCs in the country.

The committee headed by the Prime Minister’s Economic Advisory, Dr. C. Rangarajan, will review the existing PSCs, including in respect of the current profit-sharing mechanism with the Pre-Tax Investment Multiple and will also give recommendation for necessary modification for the future PSCs.

The committee constituted by the Petroleum Ministry will suggest a suitable mechanism for managing the contract implementation of the companies.

It will also review the structure and elements of the guidelines for determining the formula for the price of domestically produced gas and for monitoring actual price fixation. The committee will submit their report by the end of August this year.