Fuel prices in Uzbekistan remain stable despite rising global oil markers, and domestic reserves are more than sufficient. This was the message from Uzbekneftegaz officials during a press conference Monday.
Head of the company’s petroleum production department Nuriddin Mukhtorov noted that because a portion of raw materials is imported, global prices inevitably impact the local market.
“Up to 40% of the raw material processed at the Bukhara Refinery is imported. Due to escalating geopolitical tensions in the Middle East, global oil quotes spiked. During that period, Brent rose from $70 to $130—an 80% increase,” he explained. Currently, Brent is trading at approximately $95.
Mukhtorov pointed out that several other countries have seen much sharper price hikes than Uzbekistan. “In Europe and the West, gasoline and diesel prices jumped by 80%, or even doubled. Meanwhile, the price of gasoline from our Bukhara Refinery rose by only 1.4%, while diesel saw a 17.5% increase,” he noted.
When asked if prices would drop if global markets cooled, company spokesperson Mumin Ibodov explained that there is a lag. “They will fall, but only after some time. Contractual obligations have specific timelines. If the price per barrel fluctuates—dropping one week and rising the next—Uzbekistan’s prices won't shift in a single week. There are contracts and set periods to consider,” he said.
Abrorjon Khudoyberganov, Deputy Chairman of Uzbekneftegaz for Processing, reassured the public that the country has built up ample fuel supplies. “As of today, our regional depots are at capacity. We have 130,000 tons of AI-92, AI-95, and other grades in stock. Furthermore, we have state reserves, though those figures are confidential,” he stated.
According to him, the country has successfully diversified its fuel supply.
"We have three or four alternatives: natural gas, liquefied gas, gasoline, and diesel. As of today, our reserves are healthy; the situation will not reach a point that should cause you any concern," Khudoyberganov noted.
He added that in the face of rising global market prices, the government is actively taking measures to keep domestic costs in check.
According to data from the commodity exchange, between March 1 and April 20, exchange prices for AI-92 gasoline rose by 4.8%—from 12.05 million to 12.6 million soums per ton. The cost of diesel fuel shifted from 13.09 million to a range of 11.5–16.4 million soums per ton, depending on the grade.
The primary driver of this growth was gasoline. Imports more than doubled, jumping from 204.9 million to 428.2 million liters (+109%), with the total cost rising from $119.6 million to $246.2 million (+106%). Notably, the average price remained virtually unchanged at approximately $0.57–$0.58 per liter.
Diesel fuel imports also saw an uptick—increasing by 38% in volume (to 125,500 tons) and 33% in value (to $98 million). The average price actually decreased slightly from $0.81 to $0.78 per kg.
Conversely, fuel oil (mazut) imports plummeted by 86% in volume and 90% in value, with the average price dropping from $0.39 to $0.27 per kg. Kerosene imports, on the other hand, grew by 70% in volume and 76% in value, with the average price rising marginally to $0.99 per kg.
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