PHOTO: FILEThe government is likely to abolish the regulatory duty on import of crude oil as well as remove deemed duty in the new proposed oil refinery policy. Now, according to the officials, the government has decided not to give any incentive like the deemed duty and will also abolish the regulatory duty on crude oil import. Oil price will be in line with the import parity price. If not published, the import parity price will be derived from the average daily Singapore Mean FOB price for the same period. All charges including the premium, freight, port fee, incidentals and import duties will be added to the FOB price in order to finalise the import parity price.

Source: The Express Tribune March 19, 2021 03:53 UTC