UPSC Civil Services Model Paper 4

Despite being a net importer of crude oil , India has become a net exporter of petroleum products by investing in refineries designed for export, particularly in Gujarat. So, statements 1 and 2 are correct.
Natural gas is priced based on a formula approved by the government which links prices to select global market prices. So, statement 3 is NOT correct.
The oil and gas industry is usually divided into three major sectors:
upstream, midstream and downstream.
The upstream oil sector is also commonly known as the exploration and production (E&P) sector, which is being done in India by companies such as Reliance and Cairn India.
So, statement 4 is NOT correct.