The correct order of the oil refineries from north to south is:
- Bathinda (II) – Located in the northern part of India.
- Panipat (IV) – Located in Haryana, south of Bathinda.
- Mathura (I) – Located further south of Panipat.
- Bina (III) – Located in the central part of India, further south of Mathura.
Thus, the correct option is (A) II, IV, I, III.