Venezuela to soon make announcement regarding fuel price policy

Venezuela’s Finance Minister Rodolfo Marco Torres has said that the country will soon be making “important announcements” regarding changes in its gasoline price policy.

The official, speaking with television channel Telesur in mid-February, did not give other detail besides saying that it was impossible to continue with a system in which “a piece of candy” was more expensive than a liter of gasoline.

One US dollar would currently buy 100 liters of gasoline in Venezuela, with the subsidies.

The comment comes at a time when the Venezuelan government has been hard hit by weaker crude oil prices and urgently needs sources of revenue. The move, however, will very likely be politically challenging. President Nicolas Maduro already faces intense opposition in Venezuela and the country’s population complains of shortages of basic needs.

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