SBP Extends CIF Oil Import Facility Until July

The State Bank of Pakistan (SBP) has extended permission for the import of crude oil and petroleum products on a Cost, Insurance and Freight (CIF) basis until July 10, 2026, as part of efforts to ensure uninterrupted fuel supplies amid continued uncertainty in global energy markets.

In a circular issued to authorised dealers, the central bank stated that the relaxation previously granted through EPD Circular Letter No. 04 dated March 11, 2026, would remain effective for an additional 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 SBP said in the circular.

The SBP had initially introduced the temporary relaxation in March for a period of 60 days after global oil prices experienced sharp volatility due to geopolitical tensions and concerns over energy supply disruptions.

Under the CIF import arrangement, sellers are responsible for bearing the cost, insurance, and freight charges up to the destination port, providing operational convenience for importers and facilitating timely availability of petroleum products.

The central bank has directed authorised dealers to notify all relevant stakeholders to ensure compliance with the revised instructions.

Industry sources stated that the extension would assist oil marketing companies and refineries in managing supply chains more efficiently at a time when international energy markets continue to face volatility.

Pakistan remains heavily dependent on imported crude oil and petroleum products to meet domestic energy requirements, making stable import mechanisms essential for maintaining fuel availability and preventing supply disruptions.