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Importers demand revisiting of valuation guideline of base oil

Importers demand revisiting of valuation guideline of base oil

KARACHI: The importers have demanded the Chief Collector of Appraisement-South Nasir Masroor to revisit the valuation guideline of base oil (lubricant) and resolve the issue of its trade.

Sources informed Customs Today that a delegation of importers met with the Chief Collector Nasir Masroor at his office and expressed their reservations over the issuance of valuation guideline of base oil. They termed the issuance of valuation guideline an unjustified act of authorities concerned with the trade.

It is pertinent to mention here that Pakistan Customs through a valuation guideline issued on 11 March, 2014 had categorized all forms of base oil (lubricants) at same rate.

The importers were of the view that there was a vast difference in its quality internationally. It was categorized into two different groups i.e. SN500 and N500.

They further said that both groups are different to each other in terms of density, viscosity, index, flash paints, pour paints, kinematic viscosity and overall appearance.

They further informed this scribe that the Customs officials were also following the same international import data values of base oil for the last three months and recently the Customs authorities unified their import values, which will definitely harm the import of fine quality oil, as both the fine and low quality of base oil will be imported at same value.

Sources informed that the Chief Collector assured the importers for the redressal of their grievances.