The Natural Resources Pricing Guideline provides for standardization of the pricing mechanism for natural resources and procedures of the Natural Resources Pricing Committee (NRPC). The objectives of the guideline include: a. outlining the procedures for functioning of NRPC and its governance; b. formalizing a standard mechanism for determining the price of timber, sand and stone in the country; and c. identifying and standardizing relevant costing parameters for determining price for timber, sand and stone. The pricing model for fixation of price of timber, sand and stone is described in detail. The NRPC is constituted and its roles and responsibilities are laid down. The NRPC secretariat is identified and its roles and responsibilities are also laid down.