Concept:
In geology, decreasing order of age means arranging from oldest to youngest.
Step 1: Identify the oldest volcanic unit.
Among the given volcanic units, Pitepani volcanics are older than the others.
\[
\text{Oldest}=C
\]
Step 2: Identify the next older unit.
Malani volcanics are Proterozoic and are older than Panjal and Dras volcanics.
\[
\text{Second}=D
\]
Step 3: Compare Panjal and Dras.
Panjal volcanics are older than Dras volcanics.
\[
A>B
\]
Step 4: Final decreasing order.
Therefore, from older to younger:
\[
\text{Pitepani}>\text{Malani}>\text{Panjal}>\text{Dras}
\]
Using letters:
\[
C>D>A>B
\]
\[
\therefore \text{Correct Answer is (B)}
\]