Ministry asks OMCs to submit petrol import data under CPFTA

January 17, 2022 (MLN): Amid disparity in price due to China-Pak Free Trade Agreement (CPFTA), the ministry of petroleum on Friday has asked all oil marketing companies (OMCs) to submit data on the import of petrol from China for two years, a notice sent to Oil Companies Advisory Council (OCAC).

To note, the government had issued statutory regulatory orders on Dec 31, 2019, that abolished tariff on import of petrol whereby no custom duty was levied on the import of motor spirit from CPFTA effective from January 1, 2020.

It has been observed that a number of OMCs have imported motor spirit (petrol) from China under the CPFTA. The OCAC has been asked to provide details about the name of cargo, port origin, quantities in litre, offloading port along with the date of decanting and custom duty paid, the notice added.

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Posted on: 2022-01-17T12:22:43+05:00