KARACHI: Customs Valuation Department has reviewed the customs guideline values of different grades Base Oil being used for lubricating and petroleum companies.
According to the details, the Base Oil of Grade SN500, used for lubricating companies having HS Code 2710.1993 from Middle East origin has fixed at US$0.90per kilogram.
The Base Oil of Grade N500, used for petroleum companies having HS Code 2710.1993 from Middle East and Far East origins has fixed at US$1.28 per Kg and US$1.30per Kg respectively.
Similarly, the Base Oil of Grade N150, used for petroleum companies having HS Code 2710.1993 from Middle East and Far East origins has fixed at US$1.30per Kg and US$1.3016per Kg respectively.
The value of Base Oil of Grade N600, used for petroleum companies having HS Code 2710.1993 from Middle East has fixed US1.4per Kg and the value of Base Oil of Grade IB131 & K-44, used for petroleum companies has fixed at US$1.7per Kg.
It is pertinent to mention here that the importers have expressed their deep concerns over the high value guidelines of the Base Oil and held several meetings with the Chief Collector MCC-Appraisement (South) Nasir Masroor Ahmed.
Subsequently, the Customs Valuation Department while keeping in view the grievances of the importers has reviewed the guidelines of Base Oil.
