The Trading Corporation of Pakistan (TCP) will offload ''within days'' 0.2 million tonnes sugar in the open market to arrest the surging trend in its prices, Federal Food Secretary Ismail Qureshi said on Thursday.
"It (offloading) will take days and not weeks," Qureshi responded to a question at a news conference here along with Federal Food Minister Sikandar Bosan.
A journalist asked the minister and the secretary to explain reasons behind a delay in offloading commodity out of TCP stock in the open market despite an early last week directive of Prime Minister Shaukat Aziz.
The prices of sugar surged sharply and reached at an unprecedented retail level of Rs 34 per kilogram after owners closed down mills following a controversy with the government over cane price.
The situation sent a wave of panic at top policymaking level and the Prime Minister called an emergency meeting to tackle the matter. The meeting directed TCP to offload 0.2 million tonnes sugar in the open market immediately but mill owners allegedly used their influence with good effect to block the move for earning what may be called an undue profit.
In Sindh where mills were closed down on December 18 the crushing has been resumed some three days back after a patch up between the provincial government and millers.
But in Punjab where closure took place on December 22 a standstill is still prevailing, dominating the market sentiments and resulting in a surge in prices.
Sikandar Bosan accused mill owners of using delaying tactics in resuming crushing for filling their kitties by creating fear of a sharp decline in supply.
He said the government would by next year be able to overcome controversy of sugarcane indicative price.
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