Regulatory Alerts2026-03-11 | EPD Circular Letter No. 04Permission for Import of Crude Oil and Petroleum Products on CIF Basis
The Exchange Policy Department has authorized all foreign exchange dealers to import crude oil and petroleum products on a Cost, Insurance, and Freight (CIF) basis. This temporary measure remains valid for sixty days from the circular's issuance on March 11, 2026, to address critical domestic supply needs. Dealers must ensure their constituents comply with the updated terms by referencing Paragraph 5, Chapter 13 of the Foreign Exchange Manual.
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