Explanation:

- The ‘Administered Price Mechanism’ (APM) is a system where the government centrally determines and regulates prices for certain critical goods.

- Option 1: Fossil Fuels – Prices of products like petrol and diesel in India were historically under APM, but have shifted towards market-linked prices in recent years.

- Option 2: Fertilizers – Fertilizer prices, particularly urea, are controlled under APM to make them affordable for farmers.

- Option 3: Cooking Gas – LPG prices have partially moved away from APM but subsidies are still administered by the government.

- Option 4: Life saving Drugs – Some essential medicines are price-controlled, but not fully under a traditional APM.

- Thus, the most correct answer is Option 2: Fertilizers, as this sector is strongly linked with administered price mechanisms.