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DG Transit Trade to hold auction of impounded POL products tomorrow

DG Transit Trade to hold auction of impounded POL products tomorrow

KARACHI: Directorate General of Transit Trade has announced auction of impounded POL products to be held (tomorrow) May 9.

According to a notice, the directorate said that in order to dispose of auction able lots of petroleum, oil and lubricants (POL) products, lying at different container at terminals / wharves falling within the jurisdiction of the directorate, the oil/lubricant marketing companies are invited to offer their bids on the scheduled dates.

The directorate will auction 25,000 liters of higher performance motor oil and 115 cartons of gear oil. The directorate also issued following terms and conditions for the auction:

Auction will be as is whereas is basis;

Only lube/oil marketing companies having valid registration with Oil and Gas Regulatory Authority (OGRA) shall be eligible to offer bid for POL products put to auction;

Sealed bid offer(s) for motor oil and gear oils along with pay order(s) equal to 25 percent of the bid in favor of collector of customs, Custom House, Karachi / Port Muhammad Bin Qasim, as the case may be, shall be furnished on the day of scheduled auction. Rest of the bid amount through bank draft shall be deposited within seven days of the approval.

Directorate General of Transit Trade, Custom House, Karachi reserves the right to accept or reject any bid without assigning any reason.