The State Bank of Pakistan on Wednesday allowed the import of crude oil and petroleum products on a cost, insurance and freight basis for two months, in a bid to facilitate the import of major fuel products to meet the country’s needs.
KARACHI (UrduPoint / Pakistan Point News – 11 March 2026) The State Bank of Pakistan on Wednesday allowed the import of crude oil and petroleum products on a cost, insurance and freight basis for two months, in a bid to facilitate the import of major fuel products to meet the country’s needs.
“In view of the prevailing situation and critical importance of crude oil and petroleum products to the country, it has been decided to allow import of crude oil/petroleum products on CIF basis for a period of sixty (60) days from the date of issuance of this circular letter,” a circular letter issued by the Exchange Policy Department of the State Bank of Pakistan (EPD) said.
Paragraph 5 of Chapter 13 of the Foreign Exchange Manual specifies the trade terms permitted for import of goods into Pakistan.
According to the clause, imports can be made on the basis of FOB, FCA, FAS, CFR and CPT while prior permission from the Central Bank is required to import goods on other Incoterms.
The Department of Environment, through the circular letter, informed all authorized foreign exchange dealers of the recent development and advised them to sensitize all their constituents about the change and ensure strict compliance with the relevant regulations.