Govt extends CIF import facility for oil products till July 10

MG News | May 07, 2026 at 04:24 PM GMT+05:00

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May 07, 2026 (MLN): The State Bank of Pakistan (SBP) has extended permission for the import of crude oil and petroleum products on a Cost, Insurance, and Freight (CIF) basis until July 10, 2026, providing continued operational flexibility to the energy sector amid evolving external account pressures.

In a circular issued on Thursday, the Exchange Policy Department of the State Bank of Pakistan informed all authorized dealers in foreign exchange that the relaxation earlier granted under EPD Circular Letter No. 04 dated March 11, 2026, would remain valid for another two months.

Under the arrangement, importers of crude oil and petroleum products are allowed to continue bringing in shipments on a CIF basis, where the seller bears the cost, insurance, and freight charges up to the destination port.

The central bank directed authorized dealers to ensure meticulous compliance and circulate the instructions among all concerned constituents.

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