Tanzania, Jan. 29 -- Dar es Salaam. Oil marketing companies posted more than Sh300 billion in losses over the past year due to the dollar crisis, The Citizen has learnt.

Consolidated data revealed exclusively to this newspaper shows that 22 oil marketing companies reported losses amounting to Sh301.55 billion since February 2023.

Tanzania Association of Oil Marketing Companies (Taomac) executive director Raphael Mgaya said the firms have also been incurring losses on post-import loans interest and charges on overdrafts.

"There are also swaps and other financial instruments crafted by banks, ostensibly to help oil marketing companies out of the forex shortage crisis, with the lenders making a killing in the process," he added.

"These l...