SBP extends Cost, Insurance and Freight-based oil imports till July 10

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, in a move aimed at ensuring uninterrupted fuel supplies amid uncertainty in global energy markets.

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

The central bank had initially allowed imports on CIF basis for 60 days in March after international oil prices witnessed sharp fluctuations due to geopolitical tensions and global supply concerns.

Under the CIF arrangement, sellers bear the cost, insurance and freight charges up to the destination port, providing operational ease for importers and supporting timely availability of petroleum products.

The SBP directed authorised dealers to inform all relevant stakeholders for compliance with the revised instructions.

Industry sources said the extension would help oil marketing companies and refineries manage supply chains more effectively at a time when international energy markets remain volatile.

Pakistan relies heavily on imported crude oil and petroleum products to meet domestic energy demand, making stable import arrangements critical for maintaining fuel availability and avoiding supply disruptions.