The correct answer is option 1 - Pricing and Taxation of Petroleum Products. The Dr. C. Rangarajan Committee is a committee that was formed to look into the pricing and taxation policies related to petroleum products in India.

Option 2 - Estimation of National Income is not correct because the Dr. C. Rangarajan Committee is not associated with the estimation of national income. This is a different area of study and would fall under the jurisdiction of a different committee or authority.

Option 3 - TAX Structure is not correct because the Dr. C. Rangarajan Committee does not specifically deal with the overall taxation structure in India. Their focus is on the pricing and taxation policies related to petroleum products.

Option 4 - Estimation of Money Supply is not correct because the Dr. C. Rangarajan Committee is not associated with the estimation of money supply. This task is typically undertaken by the central bank of a country or a monetary authority.

Therefore, the correct answer is option 1 - Pricing and Taxation of Petroleum Products.