Venezuela increases gasoline price for first time in 20 years
Venezuela's President Nicolas Maduro announced that the retail price of premium gasoline would be raised from its current super-low level of $0.01 per liter to $0.95 at the fixed official exchange rate. The cost of lower grade petrol would rise to about $0.10 a liter.
Venezuela, where petrol is sold at the world's cheapest price, has been able to do so by heavily subsidizing the fuel.
The new measures are estimated to save $800 million a year, but at the same time may spark protests in a country where citizens are struggling with soaring inflation and shortages of basic foods and goods, reports say.
"This is a necessary action, for which I take responsibility," Maduro said in a televised address. ■