Pakistan likely to lose millions in rice tender

June 14, 2014 - 1:49:44 am

LAHORE: The Pakistan Agriculture Storage and Services Corporation (Passco) intends to re-invite tenders for sale of 2.01 million kilogrammes of rice as bidders have offered a maximum price of Rs45 per kilogrammes in tenders opened earlier this week.

Former Passco’s General Manager Field Brigadier Rashid Mehmood said that they had opened the tenders, but the maximum price quoted was Rs45 per kilogramme.

“It is a very low price and the management is thinking about floating tenders again to fetch higher prices,” he said.

Passco had bought 4 million kilogrammes of rice from the open market in 2008-09 on the directive of the federal government in a bid to keep paddy prices at the level set by the government and protect farmers from loss, an official aware of the developments said but requested anonymity.

 Of the total quantity, Passco sold about 2 million kilogrammes at Rs75 per kilogramme in the open market in the 2009-10 season by inviting tenders. The remaining stock was kept at Hadi Rice Mills in Daska.