ISLAMABAD: The Directorate of Customs Intelligence and Investigation, Multan has announced the auction of a huge quantity of confiscated POL (petroleum) products on December 07, 2021.
The directorate invited sealed quotations/bids along with 25 per cent earnest money in the form of pay order or bank demand in favor of collector of customs from the oil marketing companies (OMCs) to purchase the same on as is where is basis.
The directorate will auction about 188,509 liters of high-speed diesel and 70,000 liters of crude oil and hydrocarbon oil.
As per law 10 per cent withholding tax shall be paid by the successful bidder/offer of the accepted bid amount of the auctioned subject POL products.
Interested/eligible bidders or offerers (OMCs) may participate in auction by way of submission of sealed tender/offer, in the name of the director of customs.
The directorate said that the sealed tenders must be submitted up to 1:00PM on December 7, 2021. The tender shall be opened at 2:00PM on the same day in the presence of all participants.
The highest tender/offer shall be considered for processing of the case and submitted to the competent authority.
In case of acceptance of the offer, rest of the amount shall be paid by the successful bidder within a period of seven days. In case of rejection of the bid earnest money shall be refunded to the bidder.