Venezuela announces gas hike

President Nicolas Maduro announced that the country will raise the gasoline prices from 0.1 bolivar (US$0.02) a liter to to 6 bolivars (US$0.85) a liter.

The president said the country has the cheapest gasoline in the world and is due for a price hike. “We have the world’s cheapest gasoline, firefighters are left with more money than they pay for pouring gasoline” said the President of the Republic, Nicolas Maduro announcing the new rates. “Today the cost of gasoline is almost nothing, fill a tank of 100 liters, you should leave as 10 bolivars”.

Maduro said that it “is a necessary action, I call for peace and respect for all the brothers carriers to take those actions necessary and fair. The Venezuelan people ask for your support.” He stressed that 30% of the revenue generated by the price of gasoline will go to the Transport Mission and the rest to the National Mission Fund.

These new prices will be implemented as of February 19,2016 on petrol pumps in the country.