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ISLAMABAD: The ministry of petroleum has asked all oil marketing companies (OMCs) to submit data on the import of petrol from China.
According to details, the ministry has sent a letter to Oil Companies Advisory Council (OCAC) asking it to provide details about the name of cargo, port origin, quantities in litre, offloading port along with the date of decanting and custom duty paid.
It is to be mentioned that Oil Marketing Companies can import petrol from China under Free Trade Agreement at zero percent duty; while imports from Middle East are subjected to 10 percent duty.
The federal government on Saturday had announced a Rs3.01 increase in the price of petrol owing to the rising petroleum prices in the international market.
According to a notification issued by the Finance Division, besides petrol, an increase in other petroleum products were also enforced from January 16 (Sunday).
The Finance Division, in its notification, reasoned that “petroleum products are showing [a] fourth straight weekly gain and witnessed an increased of 6.2 per cent last week in the international market.”