US Edition
Venezuela Plans a 50 Pct Fuel Hike as It Braces for Revenue Slump
- Venezuela's government is preparing a 50% fuel price increase from $0.25 to $0.75 per liter across states amid a revenue shortfall.
- The price raise follows initial hikes in 2020 and coincides with Chevron and other foreign firms being banned from operations in late May.
- PDVSA owns 1,600 gas stations nationwide and works with private contractors while notifying private operators of the pending price increase.
- Chevron supplied about 23% of Venezuela's oil output and contributed significantly to dollar inflows before the US-imposed ban forced its exit.
- The fuel hike underscores Venezuela's struggle for new revenue sources amid economic pressure and halted foreign oil partnerships.
15 Articles
15 Articles
Sources cited by Bloomberg agency reveal that the dictatorship has already notified private operators of an imminent adjustment in fuel cost, in response to the fall in revenue following the departure of Chevron
Nicolás Maduro announced on Saturday, May 30, 2020 an increase in the price of gasoline to 0.25 cents per litre after the arrival of oil ships coming from Iran. However, unofficially, the price rose later to 0.50 cents per litre at all service stations in the country. Recently, the Bloomberg portal, specialized in finance and economics, revealed that the official administration has plans to increase the price to 0.75 cents per litre.
The Automobile Union of the state Lara has come to the fore of speculations about an imminent increase in the price of fuel. Carlos Méndez, director of the organization, emphasized this Tuesday, June 10 that so far, the union has not received any official communication regarding the increase of gasoline. «All [...] The entry Automobile Union of Lara denies increase of gasoline and denounces faults in the supply of gas #10Jun was first published …
The government of Nicolás Maduro is preparing to increase by 50% the price of gasoline nationwide, in response to the decrease of revenues caused by the suspension of operations of Chevron and other foreign oil companies in the country, according to sources consulted by Bloomberg agency. Three people with knowledge in [...]
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Bias Distribution
- 33% of the sources lean Left, 33% of the sources are Center, 33% of the sources lean Right
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