Inviting bids for the import of 75,000 tons of refined sugar, Trading Corporation of Pakistan (TCP) has decided not to sell the commodity in the open market following the Economic Co-ordination Committee decision, sources said. TCP has already sold some 10,000 tons refined sugar in the open market through tenders at Rs 45,020 per ton.
The second tender has also been issued for sale of 15,000 tons sugar, sources said. However, on Thursday, TCP decided to cancel the second tender as the ECC has directed the corporation to enhance supply of sugar to Utility Stores Corporation (USC).
Earlier, TCP was supplying some 40,000 tons of imported and locally-purchased sugar to the USC, and now it has been instructed to supply 70,000 tons sugar to the government-owned stores. Sources said that despite sale of the commodity in the open market by TCP, the price of sugar was constantly on increase, hitting a peak level of Rs 52 per kilogramme in retail market.
In addition, TCP on Thursday issued another international tender for the purchase of 75,000 tons of white sugar to meet the local demand and avoid any shortage in Ramazan. TCP has invited bids from pre-qualified foreign suppliers for supply 75,000 tons white sugar in bags from world-wide sources. Overall, TCP has finalised three tenders for the import of 125,000 tons sugar, of which some 75,000 tons has arrived at Karachi, while remaining 50,000 tons would reach soon.