Venezuela announces fuel price

Venezuela announces fuel price hike in historic policy shift

The cost of gasoline in Venezuela for many car owners has become a parable. The fact is that such low prices for fuel and lubricants in comparison with international indicators seem fantastic and unrealistic, 1 liter could be purchased for $ 0.02, but starting from this Monday fuel will be sold at 5,000 bolivars (2.5 U.S. cents) per liter at gas stations nationwide starting Monday, including 200 stations that will sell premium fuel at the equivalent of 50 U.S. cents a liter, Maduro said. Gasoline will be limited to 120 liters (30 gallons) per month per vehicle.

The announcement follows the arrival of Iranian tankers loaded with millions of barrels of gasoline as Venezuela faces a crippling fuel shortage, following years of mismanagement, lack of investment and mounting U.S. sanctions.