Soon the cheapest petrol in the world "may not remain the cheapest

It seems that the world's cheapest petrol may lose its status due to coercive conditions, as the authorities in Venezuela seek to raise prices to face a severe economic crisis.

Soon the cheapest petrol in the world "may not remain the cheapest
03 June 2020 - 18:36

It seems that the world's cheapest petrol may lose its status due to coercive conditions, as the authorities in Venezuela seek to raise prices to face a severe economic crisis.

Venezuelan President Nicholas Maduro has announced that he has appointed a team of specialists to consider whether the price of gasoline should rise in the crisis-stricken country.
 
Venezuela has the largest underground oil reserves in the world, but it has been forced to buy fuel from Iran to fill the severe shortage, knowing that it is unable to pump crude from the land and turn it into gasoline.
 
The socialist country suffers for years from a shortage of fuel, which is priced at less than a penny per gallon, but scarcity has recently struck the capital Caracas, leading to long lines at filling stations for several days.
Many people suggested to me, and I agree, that the price of gasoline will increase," Maduro said.
Maduro often accuses the US sanctions, which are aimed at forcing him to step down from power, to cause chronic fuel shortages and most other domestic problems.
In contrast, government critics blame years of corruption and mismanagement that have destroyed the oil sector.
 
The recent shortage has sparked a black market in Caracas among the wealthy residents who own dollars and do not want to wait in line, spending up to $ 10 a gallon, which makes the price of gasoline among the most expensive in the world.
 
Tampering with fuel prices has been a cause of unrest in the past. In 1999, riots erupted and nearly 300 people were killed, when then-President Carlos Andres Perez ordered an increase in prices.
Officials say the semi-free gasoline costs the government, which is experiencing financial hardship, up to $ 18 billion a year.
 

FACEBOOK COMMENTS

COMMENTS

  • 0 Comment