ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, which is scheduled to meet on Tuesday, will consider a proposal of Trading Corporation of Pakistan (TCP) regarding procurement of 0.178 million tons of sugar from local mills at Rs 46.26 per kg, official sources told Business Recorder.
The TCP had asked sugar mills to match the lowest bids of Rs 46,250 per ton, offered by two bidders for 20,000 tons, in response to the sugar procurement tender of 200,000 tons.
The TCP had received 56 bids for 200,000 tons of white sugar from local sugar mills. Of these, only two bidders had offered to sell 20,000 tons sugar at Rs 46,250 per ton.
In order to complete the targeted procurement, it is being considered to ascertain from the bidders (other than the bidders who offered the lowest price) whether they would like to match the lowest bid/price of Rs 46,250 per ton for the quantity they could offer at the said price.
Sugar millers had been asked, individually, that in case they agreed to match the lowest bid of Rs 46,250 per ton, they should communicate to TCP, in writing, indicating quantity they can offer. The offer deadline was December 24, 2011.
PSMA Chairman Javed Kayani stated that the government should consider buying and securing maximum quantity of 441,000 tons offered by asking the bidders to match the lowest price of 46.25 per kg.
One of the bidders told this scribe that they are facing worst ever time in sugar business due to massive decline in prices.
"ECC will consider the proposal to procure additional 0.178 million tons of sugar from the mills. Let's see what the ECC decides today," said an official.-MUSHTAQ GHUMMAN
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