The federal government has taken an important decision regarding the purchase of petroleum products from the global market.
According to the report, oil marketing companies will be able to buy crude oil and petroleum products at Pakistani ports, foreign oil supplier companies will keep crude oil and petroleum products in bonded storage at Pakistani ports.
According to sources, the Prime Minister approved to present the summary of custom bonded warehouse policy in the ECC, sources said that the new policy will eliminate bank charges and other expenses on the import of petroleum products and the new policy will enable refineries and oil marketing companies to get oil at cheaper prices.
In view of the behavior of the world banks and the lack of foreign exchange, a new policy has been prepared, petroleum products can also be purchased in the domestic currency, Foreign oil suppliers will release petroleum products only on the opening of LCs in scheduled banks, the facility of bonded storage will make Pakistan’s strategic oil storage possible.
