The Trading Corporation of Pakistan (TCP) has received overwhelming response for buying its sugar buffer stocks as it got 88 quotations for 50,000 tons sugar. According to sources, the quoted rates are between Rs 23.10 and Rs 24 per kg for small lots of 50 to 500 tons but TCP would accept only offers above the minimum base price of Rs 23.50 a kg.
Sources said that successful parties would be offered stocks some time next week and they would be asked to lift sugar from the nearest mills. The TCP has started processing the quotations.
Sources said that TCP would ensure that no sugar mills or its representative gets sugar from its stock. Successful bidders will be asked to give undertaking along with payment draft that they are not buying sugar on behalf of any sugar mill owner.
The Adviser to Finance Ministry, Dr Ashfaque Hassan Khan said he was confident that offloading of TCP stock through open bidding would reduce the rates at the retail level by two to three rupees per kg ahead of Ramazan. He said: "I have been receiving sugar prices from various parts of the country on daily basis and last week's reports were showing quick fall in sugar prices at the retail level."
He said that the government policy to control sugar market through enhanced supply has been a big success and the consumers would directly get its benefit.
Dr Ashfaque said that the government would keep all options open to ensure that sugar prices did not shoot up. He said the government was closely monitoring market trend and it would not allow the profiteers to exploit the situation for undue profit on TCP stocks.
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