Trading Corporation of Pakistan (TCP) said that there was no shortage of sugar in the country and the prevailing market condition is "artificial" on Friday.

A spokesman of TCP said that the corporation has a substantial stock of the imported as well as locally procured sugar to meet any emergent situation in the country. He said that TCP was about to sell sugar out of its present stock in the "open market" to over come the so-called shortage and to curb the rising trend of the prices of Sugar in the local market. He pointed out that a TCP tender for sale of 10,000 MT sugar will be opened on July 30, 2009, for which minimum quantity restriction (1000 MT) has been reduced an appropriate level to expand the scope of sale of sugar and ensure accessibility of medium level traders to the commodity.

He said that as a precautionary measure, TCP was also importing about 50,000 metric tons of sugar which is expected to arrive in the country, in the mid of next month.