Venezuela to face 6,000% rise in petrol prices
The move has been described as "aggressive" by some, as Venezuela tries to battle triple-digit inflation and the country's deepest recession in a decade
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
Petrol prices in Venezuela will rise by almost 6,000 per cent after an announcement from President Nicolas Maduro.
The price of a litre of high-quality gas is currently approximately one US cent and will be increasing to 60 US cents.
The move has been described as "aggressive" by some, as Venezuela tries to battle triple-digit inflation and the country's deepest recession in a decade.
"That's an aggressive hike in fuel prices and it's still the cheapest in the world," Edward Glossop, an economist at Capital Economics who covers Venezuela, told CNN Money.
The increase is the first in almost two decades, with the last change in prices sparking vast protests throughout the country.
"Venezuela has the cheapest gasoline in the world. This is a necessary measure, I assume the responsibility," Mr Maduro is reported to have said before the announcement, according to Bloomberg.
Mr Maduro also announced a new structure for the exchange rate. One bolivar went from being worth 6 US cents to 10 US cents.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments