KARACHI, Feb 4: The Pakistan Biscuit and Confectionery Manufacturers Association has urged the government to allow the TCP to intervene in the sugar market in order to stabilize prices.

In a statement issued here on Saturday, association chairman Maqsood Ismail said the current hike in sugar price had crippled the biscuit and confectionery industry which heavily depended on sugar for its products.

He said that a large number of small units had already closed down their business, while large manufacturers were on the verge of shutdown. Mr Ismail apprehended that if immediate corrective measures were not taken a large number of workers would lose their jobs.

He said the TCP had a vital role to play in stabilizing prices of various commodities, but it had failed to do so in case of sugar prices. Citing an example, he said the previous sale of 50,000 tons did not make any dent in soaring prices of sugar because it mostly landed in the hands of traders and hoarders.

He said the TCP was still holding 250,000 tons of white refined sugar, therefore if asked to enter the market, it could have a positive impact on soaring sugar prices and end user would also get benefit. “The current wholesale price of sugar at Rs36 per kg is not sustainable and there is a need that the state-owned corporation intervenes to protect the interest of consumers.”