Detailed Explanation:

Correct Answer: ✅ Option 2 (Only two)

The Petroleum and Natural Gas Regulatory Board (PNGRB) regulates mainly the downstream petroleum and natural gas sector. It does not regulate upstream activities such as exploration and production of crude oil and natural gas.

❌ Activity I: Production of crude oil – Not Regulated by PNGRB

Production of crude oil is an upstream activity regulated by the Ministry of Petroleum & Natural Gas and the Directorate General of Hydrocarbons.

✅ Activity II: Refining, storage and distribution of petroleum products – Regulated

PNGRB regulates aspects of storage, transportation, distribution, and common carrier access in the downstream sector.

✅ Activity III: Marketing and sale of petroleum products – Regulated

PNGRB authorizes entities for marketing notified petroleum products and natural gas and promotes fair competition.

❌ Activity IV: Production of natural gas – Not Regulated by PNGRB

Like crude oil production, natural gas production is an upstream activity and falls outside PNGRB's regulatory jurisdiction.

Therefore, only II and III fall under PNGRB regulation.

Short Notes: Petroleum and Natural Gas Regulatory Board (PNGRB)

• PNGRB was established under the PNGRB Act, 2006.

• It regulates the downstream petroleum and natural gas sector.

• It ensures fair competition in petroleum and natural gas markets.

• It regulates pipelines, city gas distribution networks, storage, and transportation.

• It does not regulate exploration or production of crude oil and natural gas.

• Upstream activities are overseen by the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum & Natural Gas.

• PNGRB helps protect consumer interests and promotes investment in energy infrastructure.