The Petroleum and Natural Gas Regulatory Board (PNGRB) primarily regulates the refining, storage, and distribution of petroleum products (Activity II) and the marketing and sale of petroleum products (Activity III). Activities I (production of crude oil) and IV (production of natural gas) are largely under the purview of different regulatory frameworks and licensors, making them less regulated by PNGRB. This differentiation reflects the board's focus on ensuring fair trade practices, pricing, and competition in the downstream sector of hydrocarbon resources, which is crucial for energy security and consumer protection in India.