IFEM Audit of Oil Marketing Companies and Refineries for July 2024 to December 2025

This tender invites qualified audit firms in Islamabad to conduct the Inland Freight Equalization Margin (IFEM) audit for Oil Marketing Companies (OMCs) and Refineries covering the period from July 2024 to December 2025. The Oil and Gas Regulatory Authority (OGRA) requires a detailed audit of freight and refinery cost recoveries, ensuring compliance with regulatory frameworks and financial accuracy. The scope includes auditing freight cost recoveries, transportation modes, product movement integrity, and surplus/deficit calculations for multiple OMCs and refineries across Pakistan. The audit will cover complex logistics involving pipelines, road, and rail transport, with special attention to approved source-destination combinations and compliance with OGRA directives. The audit will also verify sales tax claims, premium differentials, and regulatory duties, ensuring all financial transactions align with the Petroleum Policy and OGRA guidelines. Firms must have relevant PEC categories and FBR/ATL registration for 2025-26, with proven experience in statutory audits within the oil sector, especially IFEM audits. The evaluation criteria emphasize organizational strength, audit team composition, and methodology, requiring a minimum pre-qualification score of 70 points. The audit timeline is strict, with draft reports due within 90 working days and finalization after stakeholder review. Submission deadline is **July 8, 2024** by 23:59:59, with bid opening shortly after. Bids must be submitted physically at OGRA's office in Islamabad. Ensure all documentation, including Earnest Money and Call Deposit Receipt (CDR), is complete and compliant with tender requirements. Pro-Tip: Carefully review the approved source-destination tables and OGRA's physical reporting requirements to avoid disqualification. Pay special attention to the stamp duty and Earnest Money details in the newspaper advertisement, as these are commonly overlooked but critical for bid acceptance.