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Bloomberg
Venezuela’s President Nicolas Maduro said fuel prices would increase starting in June, a historic
policy shift after decades of subsidies that have allowed Venezuelans to essentially fill their tanks for free.
Gasoline will be sold at 5,000 bolivars (2.5 US cents) per litre at gas stations nationwide starting from Monday, including 200 stations that will sell premium fuel at the equivalent of 50 US cents a liter, Maduro said. Gasoline will be limited to 120 litres (30 gallons) per month for each vehicle.
“This is a war, my dear fellow countrymen who listen to me, a brutal war,†Maduro said from the presidential palace. The US is “persecuting any company that brings a drop of gasoline to Venezuela.†Diesel, which is fundamental for industries and electricity power plants, will still be subsidised “100%,†Oil Minister Tareck El Aissami said in the event with Maduro. State-owned PDVSA is able to meet Venezuela’s vehicle demand, he added.
The announcement follows the arrival of five Iranian tankers loaded with around 1.5 million of barrels of gasoline as Venezuela faces a crippling fuel shortage, following years of mismanagement, lack of investment and mounting US sanctions.