The State Bank of Pakistan has temporarily approved the import of crude oil and petroleum products on a cost, insurance, and freight (CIF) basis for a period of 60 days. The measure aims to maintain uninterrupted fuel supplies amid volatile global energy markets influenced by the ongoing tensions in the Middle East.
The decision follows a request from the Oil Companies Advisory Council, which sought regulatory relief to manage imports of crude oil, refined petroleum products, base oil, and related materials. Rising freight rates in the Gulf region, combined with sharply increased war-risk insurance costs, prompted the move to allow suppliers to handle shipping and insurance directly.
By permitting temporary CIF-based oil imports, Pakistan seeks to ensure smoother fuel shipments and stability in the domestic energy supply chain. Authorities emphasize that this measure is essential to safeguard the nation’s fuel security while mitigating risks posed by international shipping disruptions.
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