Get the latest news and updates from Dawn
ISLAMABAD: The Oil Companies Advisory Council (OCAC) has asked the State Bank of Pakistan to extend permission for cost, insurance, and freight (CIF)-based imports of petroleum products for a further two months, or until market conditions stabilise.
In a letter to SBP Governor Jameel Ahmed on Monday, OCAC General Secretary Dr Syed Abbas Zaidi stated that “such a facility will continue to support industry in securing cargo efficiently and ensure the uninterrupted availability of petroleum products across the country”.
Last month, the SBP granted temporary permission for CIF-based imports for 60 days in view of the extraordinary geopolitical situation in the Middle East.
The council, while appreciating the decision, stated that the situation in the region remains volatile, with no meaningful de-escalation or restoration of normal shipping and insurance conditions.
