'Peat' is an important source of domestic fuel in several countries. How is 'Peat' formed in nature?

(N/A) $\rightarrow$ Peat is an accumulation of partially decayed vegetation or organic matter.
$\rightarrow$ Formation of Peat: When plant material,usually in wet areas,is prevented from decaying fully because of acidic and anaerobic conditions,it results in the formation of peat.
$\rightarrow$ Peat is mainly composed of wetland vegetation. $Sphagnum$ (a moss) is the primary producer of peat,although many other plants may also be involved in its formation.
$\rightarrow$ Peat accumulation is a slow process,occurring at a rate of approximately $1 \ mm$ per year.