In 2023, the net profit of the state-owned oil and gas company, Uzbekneftegaz, amounted to UZS 611.6 bn ($48.6 mn), marking a 52.6% decrease compared to the previous year. Despite this, the company’s revenue saw an 11.2% increase, reaching UZS 14.7 trillion ($1.2 bn).
The dividend income for the year saw a significant increase, rising from UZS 1.2 trillion to UZS 2.5 trillion ($198.7 mn). There was a slight decrease in long-term bank loans, which fell from UZS 18 trillion ($1.4 bn) to UZS 17.6 trillion ($1.39 bn). However, short-term loans saw a substantial increase, rising from UZS 746.8 bn ($59.3 mn) to UZS 2.2 trillion ($174.8 mn).
The profit of Uzbekneftegaz in 2022 stood at UZS 1.3 trillion ($103.3 mn), while in both 2021 and 2020, the profit was consistent at UZS 3.3 trillion ($262.2 mn) each year. This puts the 2023 figures into perspective, highlighting the significant decrease in net profit for the year.
Daryo recently reported that Uzbekneftegaz, the national oil and gas corporation, will adjust excise tax rates for certain petroleum products starting April 1. Based on Article 2893 of the Tax Code, the company indicated that the excise taxes on AI-80 gasoline, diesel fuel, and liquefied gas are set to increase by an average of 12%. This revision will exclude gasoline types with an octane rating over 91.
The change comes as the temporary elimination of excise tax on AI-80 gasoline, a policy in place for the previous year, concludes, leading to a recalibration of prices. As a result, fuel prices at UNG Petro service stations have reverted to the December 2022 level of UZS 6,800 ($0.54) per litre. The independent service stations had preemptively increased their prices for AI-80 gasoline, with adjustments occurring as early as December of the prior year.
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