Step 1: Understanding the guidelines.
The Central Pollution Control Board (CPCB) in India regulates the discharge of wastewater from industries, including the petroleum industry. One of the major concerns is the amount of oil and grease that is present in the wastewater. Excessive oil and grease can have harmful effects on the environment and public health.
Step 2: The permissible limits.
According to the CPCB guidelines, the maximum permissible limit for 'oil and grease' in discharged wastewater from a petroleum industry is set at 10 ppm (parts per million).
Step 3: Conclusion.
Therefore, the correct answer is (B) 10 ppm.