The Oil Companies Advisory Council (OCAC) has urged the State Bank of Pakistan (SBP) to extend a temporary permission for cost, insurance, and freight (CIF)-based imports of petroleum products for an additional two months, citing ongoing geopolitical tensions that have disrupted shipping and insurance markets. The current permission expires on May 10, and OCAC warns that discontinuing this facility could lead to significant supply chain challenges. The situation is exacerbated by high shipping risks and elevated insurance costs, which have made imports increasingly difficult.
BUSINESSPublished 28 Apr 2026 • Published 2h ago
Pakistan Plans 90-Day Petroleum Reserves Amid Gulf Instability
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Pakistan has initiated plans to develop Strategic Petroleum Reserves (SPR) for up to 90 days due to rising geopolitical tensions affecting oil supply routes, particularly in the Strait of Hormuz. The Oil Companies Advisory Council has also requested an extension of a temporary import facility to prevent fuel supply disruptions, warning that current conditions remain unstable. The country has enough aviation fuel reserves for only about ten days, highlighting the urgency of the situation.
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