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Turkmenistan will hold an early presidential election on March 12, a Central Election Commission official told Reuters on Saturday, after President Kurbanguly Berdymukhamedov hinted he planned to resign.

Berdymukhamedov, 64, has run the gas-rich Central Asian nation since 2006 with sweeping powers and no effective opposition. His 40-year-old son Serdar, a deputy prime minister, is seen as a likely successor.

Berdymukhamedov, whose current term was set to end in 2024, is also the prime minister of the former Soviet republic and the speaker of the upper house of parliament.

In a speech to the upper house late on Friday, Berdymukhamedov said he had made "a tough decision" and decided that it was time to give way to "young leaders" in the running of the state.

A series of promotions given to his son Serdar - who has served as a diplomat, member of parliament, minister and a provincial governor - has prompted speculation that the president was grooming him as a successor.