KARACHI, June 23: The Trading Corporation of Pakistan (TCP) said on Monday that sugar mills have quoted higher prices than wholesale market for sugar sale in response to its two tenders.

In a clarification, the TCP said that majority of bidders had quoted same rates, indicating a sign of making cartel or grouping among themselves.

It said that there was no justification in quoting higher prices than prevailing prices in the market in the tenders which were opened on April 28 and June 5, 2008, as they had sold sugar on lower rates in the market.

Purchase on higher rates than the wholesale market rates has remained objectionable by the audit in the past, the corporation said.

The secretaries committee in its meeting on April 18 had asked the TCP to enhance purchase limit from 500,000 metric tons to 750,000 metric tons, it added.—APP