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Coronavirus
VERY HIGH
Pakistan Deaths
16,094
11224hr
Pakistan Cases
750,158
497624hr
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271,524
Punjab
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Islamabad
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KPK
104,480

KARACHI: The Trading Corporation of Pakistan (TCP) has scrapped two tenders for the import of sugar and wheat as the quoted prices were exorbitant. Sources told Business Recorder on Friday that the board of directors of the state-run grain trader has decided to scrap the sugar and wheat tenders opened earlier this week.

The TCP is importing two commodities on the directives of the Economic Coordination Committee (ECC) of the Cabinet to avoid shortage in the domestic market. The ECC in its meeting held on July 15, 2020, allowed provincial governments, Passco and TCP to import wheat and sugar in the country, in addition to the private sector.

The country’s last year production of wheat and sugar was lower than consumption and prices of the both commodities were on surge in the local market that compelled the federal government to initiate the import of essential commodities.

On February 18, 2021, TCP issued international tender and invited sealed bids from the international wheat suppliers for supply of 300,000 metric tons (5 percent more or less) wheat through their local offices or representatives having capacity to supply wheat through worldwide sources. The TCP’s international wheat import tender was opened on March 2, 2021 and in response to the TCP’s wheat import tender some seven suppliers participated in the tender and quoted prices ranging from $332.44 per metric ton to $352.95 per metric ton. In addition, on February 19, 2021, the TCP invites sealed bids from the international white Sugar Suppliers/Manufacturers for supply of 50,000 metric tons (some 5 percent more or less) through their local offices or representatives through worldwide sources. Sugar tender was also opened on March 2, 2021 and two suppliers namely Al-Khaleej Sugar Dubai and Sucden Middle East participated in the tender with quoted prices of $540 per metric tons and $580 per metric tons, respectively.

The TCP’s board procurement committee forwarded the both tender’s quotation to the board of directors for the formal approval, however, as the quoted prices of the both tenders were higher, the state-run grain has decided to cancel the both tenders. Accordingly, bidders have been informed.

Sources said that the TCP is likely to issue fresh tender for the import of sugar. They said previously the private sector has successfully imported sugar to meet the local demand and if the government wants to avoid the subsidy on imported sugar, may allow the private sector to import more sugar for domestic consumption.

Copyright Business Recorder, 2021