Tajik fuel suppliers say they are currently experiencing foreign-currency shortages: they simply have nothing to buy fuels.
Tajik fuel suppliers say they have experienced acute foreign-currency shortages since the beginning of the year. They purchase fuel in Russia and sell in Tajikistan for the national currency, the somoni. In order to deliver a new consignment of fuels they have to convert somonis into dollars or Russian rubles. Everything seems simple. But in fact it is nearly impossible to do this. Millions of somoni have accumulated in fuel suppliers’ bank accounts but they cannot convert them into dollars or the Russian rubles. Accordingly, they cannot buy a new consignment of petroleum products in Russia.
According to unverified data, more than 200 million somoni, which is equivalent to 1.5 billion Russian rubles, have accumulated in bank accounts of Gazpromneft-Tajikistan alone.
Top managers of Gazpromneft-Tajikistan, which accounts for some 55 percent of Tajikistan’s fuel imports, have refused to comment on the situation. At the same time, they have admitted that the situation is really complicated.
Other companies engaged in supplying petroleum products to Tajikistan have also noted that conversion of the somoni into freely convertible currencies is becoming more and more problematic in the country.
According to some sources, the fuel suppliers have already applied to the Government of Tajikistan asking to assist with solving the problem.
Fuel suppliers warn that petroleum product deliveries to the country can reduce or even cease completely if immediate measures to rectify the situation in the foreign exchange market are not taken.
“Even inconsiderable fuel shortage will lead to rise in prices of petroleum products and as a consequence to rise in prices for basic food products,” economist Soleh Homidov told Asia-Plus in an interview.
