TCP sells 24,800 tons of sugar

Sugar is sold on auction in the open market at different prices.

KARACHI: The Trading Corporation of Pakistan (TCP) on Wednesday sold 24,800 tons of imported sugar through an auction in the open market at different prices ranging between Rs59,060 and Rs68,500 per ton on ex-godown basis.

A press release of the Corporation on Wednesday informed that the TCP, in response to a tender dated September 27, received offers from 141 parties, from Punjab (Lahore, Faisalabad, Multan and Islamabad), Sindh (Karachi, Hyderabad, Sukkur and Kashmore), Balochistan (Quetta) and Khyber-Pakhtunkwa (Malakand, Peshawar and Karak).

This was one of the tenders with widespread participation from retailers, traders and wholesalers from all over the country. The tender offered minimum quantity of 50 tons and maximum quantity of 500 tons, the press release said.

The TCP has awarded the tender to 58 different parties from all provinces and sold a quantity of 24,800 tons at a weighted average price of Rs61,296 per ton at a total cost of Rs1.52 billion.

The second tender of 25,000 tons is scheduled to open on Thursday, to sell sugar on the same pattern. This sale would improve the supply position in the open market, providing relief to the common man, the release added.

Published in The Express Tribune, October 7^th, 2010.