Oil industry seeks extension in permission to import petroleum products on CIF basis to ensure continuity of supplies

ISLAMABAD: The oil industry has asked the State Bank of Pakistan to extend for two months or “until market conditions stabilise” the permission for the import of petroleum products on cost, insurance and freight (CIF) basis — an arrangement under which buyers assume the responsibility of import costs and final delivery following the arrival of commodities at the destination port. The request was made by the Oil Companies Advisory Council (OCAC) — an association of more than three dozen oil co...

By none@none.com (Amin Ahmed)