Right ive recently got a panda 1.1 and im not the best with engines but i know the basics.But am clueless what this knob is its to the right of the dipstick see picture in next post.
More specific answer: under that plastic cover is a valve (bit like a tyre valve) behind which is petrol at very high pressure (even if engine not running). Do not touch it at all! (Only ever used to release pressure in system, if, for example, replacing injectors, or as already mentioned, to test fuel supply pressure)