An efficient methodology for the selective and controlled oxidation of petroleum waste methylarenes/alkylarenes to aromatic carboxylic acids/ketone using easily recoverable and recyclable binaphthyl stabilized Pt nanoparticles (Pt-BNP) as a catalyst has been developed. The greener oxidant aq. tert-butyl hydroperoxide (TBHP) and green solvent water have been utilized in this oxidation reaction. The methodology is well tolerated with different functional groups. The less reactive electron deficient toluenes are also oxidized by Pt-BNP and gave a good yield of corresponding carboxylic acids with a high turnover number (TON) 738-1448. The Pt-BNP catalyst was recovered and reused up to five catalytic cycles. The heterogeneous test suggested that the reaction is catalyzed by heterogeneous Pt-BNP catalysts. Based on control experiments and literature reports, a possible reaction mechanism has been proposed.