The federal government has taken an important decision regarding the purchase of petroleum products from the global market.
The government has taken an important decision to facilitate oil marketing companies and refineries.
According to sources, 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.
The Prime Minister approved the submission of a summary of the Customs Bonded Warehouse Policy to the Economic Coordination Committee (ECC). The new policy will eliminate bank charges and other costs on import of petroleum products.
Sources say that the new policy will enable the refineries and oil marketing companies to get oil at a cheaper price.
Petroleum products will be able to be purchased in local currency, foreign oil suppliers will release petroleum products only when LCs are opened in scheduled banks, strategic oil storage of Pakistan will be possible with the facility of bonded storage.
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