Petroleum and Natural Gas Regulatory Board was constituted under The Petroleum and Gas Regulatory Board Act, 2006, notified via Notification dated 31st March 2006. Act provide for the establishment of Petroleum and Gas Regulatory Board to protect the interests of and entities engaged in specified activities to petroleum, petroleum products and natural and to promote competitive markets and for connected therewith or incidental thereto. as enshrined in the act, the board has also been to regulate the refining, processing, storage, distribution, marketing and sale of petroleum products and natural gas production of crude oil and natural gas so as to ensure uninterrupted and adequate supply of petroleum products and natural gas in all of the country. option (b) is the correct answer.