Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,075 members, 7,957,007 topics. Date: Tuesday, 24 September 2024 at 03:38 AM |
Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Venezuela Raises Petrol Price For First Time In 20 Years (599 Views)
Venezuela Raises Minimum Wage 40 Percent. / Protesters Storms Venezuela National Assembly, Beat Politicians To Pulp(photos) / Armoured Police Vehicle Crushes Protester In Venezuela(Graphic Photos). (2) (3) (4)
(1) (Reply)
Venezuela Raises Petrol Price For First Time In 20 Years by nanya124(m): 8:15pm On Feb 18, 2016 |
Venezuela is raising petrol prices for the first time in 20
years, although the president claims it will still be the
cheapest in the world.
President Nicolas Maduro said pump prices of premium fuel
would rise from the equivalent of $0.01 a litre to about
$0.60 (£0.40).
The cost of lower grade petrol would rise to about $0.10 a
litre.
He unveiled a series measures to help ease Venezuela's
economic crisis, including devaluing the currency.
The rise in the heavily-subsidised fuel price will save $800m
a year.
"Venezuela has the cheapest gasoline in the world," Mr
Maduro said in a televised address. "The cost is almost
nothing."
However, other countries, including Saudi Arabia also have
extremely cheap, subsidised petrol prices.
He said the price rise was "a necessary measure, a necessary
action to balance things, I take responsibility for it."
Food and petrol price increases in 1989 sparked nationwide
protests that resulted in scores of deaths, unrest that is
considered to have paved the way for the late President
Hugo Chavez's rise to power.
Venezuela's economy has been pushed to the brink by the
collapse in the oil price, which accounts for about 95% of
the country's export revenues.
The economy shrank 10% last year, amid rampant inflation
and shortages of some basic products,
According to the Bloomberg news agency, the state oil
company Petroleos de Venezuela incurred $15.2bn in costs in
2013 to maintain Venezuela's fuel subsidy.
Mr Maduro also announced that the government would
"simplify" the complex exchange rate from Thursday, easing
the protected official rate for food and medicine imports
which will now operate alongside a parallel "floating" rate.
Investors have become increasingly concerned about
Venezuela's potential default on its huge debts.
http://www.bbc.com/news/business-35600921 |
Re: Venezuela Raises Petrol Price For First Time In 20 Years by darlingtonIIV(m): 8:20pm On Feb 18, 2016 |
na to go reside for venezuela na im sure pass now |
(1) (Reply)
Biafra - Made Shoes Hit The Internet . Would You Buy One? / Meet Boris Johnson, The Incoming Britain Prime Minister / The Century Twin: Presidential Déjà Vu Of Lincoln And JFK(more discovered)
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 10 |