Utility Stores Corporation of Pakistan was forced to cancel a tender after being unable to procure sugar at high prices.
As sugar prices continue to soar to record highs across the country, even the state-subsidised Utility Stores are facing difficulties in buying sugar to be able to sell it.
The lowest bid received by the Utility Stores was set at Rs157 per kilogram, Rs27 per kg above what it was hoping for. The bidding was made by a sugar mill offering to provide 5,000 metric tonnes.
With the stores own expenses added, the price that the consumer would have to pay would have reached Rs170 per kg.
The corporation last procured sugar at Rs130 per kilogram. Sources said that a new tender will be issued soon.