Oil imports on CIF basis: SBP extends relaxation to July 10

KARACHI: The State Bank of Pakistan (SBP) has extended permission for the import of crude oil and petroleum products on Cost, Insurance and Freight (CIF) basis until July 10, 2026 to facilitate uninterrupted fuel supplies amid continued volatility in international oil markets.

In a circular issued to authorized dealers, the State Bank said the relaxation granted through EPD Circular Letter No. 04 dated March 11, 2026, would remain valid for another two months.

“It has been decided to extend the validity of the relaxation granted for import of Crude Oil/Petroleum Products on CIF basis up to July 10, 2026,” the circular said.

The SBP had initially allowed the import of crude oil and petroleum products on CIF basis for 60 days on March 11, 2026, as global oil prices witnessed sharp fluctuations due to geopolitical tensions and supply concerns in international markets.

READ MORE: On CIF basis for 60 days: SBP allows import of crude oil, POL items

The SBP advised authorized dealers to inform all concerned constituents for strict compliance with the revised instructions.

Under the CIF mechanism, the seller bears the cost, insurance and freight charges up to the destination port, providing importers greater operational convenience and helping ensure timely availability of petroleum products.

The SBP had taken this decision, earlier in March, in view of the prevailing global situation and the critical importance of crude oil and petroleum products for the country.

Industry courses said this extension by the SBP would support oil marketing companies and refineries in managing supply chains more efficiently at a time when global energy markets remain uncertain.

Pakistan heavily relies on imported petroleum products to meet domestic energy demand, making smooth import arrangements crucial for maintaining fuel availability and controlling supply disruptions.

Copyright Business Recorder, 2026