Govt to permit re-export of oil by foreign suppliers

The federal government has announced plans to permit the import, local sale, and re-export of petroleum products facilitated by foreign suppliers. This decision, aimed at streamlining trade processes, involves amendments to the Customs Rules, 2001, introducing the Customs Bonded Facilitation Rules, 2024. The Federal Board of Revenue (FBR) has initiated amendments to the Customs Rules, 2001, incorporating the Customs Bonded Facilitation Rules, 2024, according to documents available to The Express Tribune. Stakeholders are currently being consulted, with a 15-day window provided for opinions, suggestions, and objections. Any submissions beyond this timeframe will not be considered, with the amended rules slated for enforcement through a gazette notification. Under the proposed amendments, a new chapter, Chapter XLV, will be added to the Customs Rules, 2001, specifically catering to international oil suppliers. These rules will enable the import of petroleum products on behalf of foreign suppliers, their subsequent sale in the domestic market, and re-exportation to other countries, aligning with government policy directives.