₦airaland Forum

VENEZUELA

Venezuela hikes petrol prices sixty-fold
President Maduro devalues currency and hikes
petrol prices for first time in decades in attempt
to shore up economy.

The first fuel price hike in nearly 20 years will
increase the cost of petrol by at least 1,329
percent.

Venezuela's president announced a currency
devaluation and ramped up its petrol prices for
the first time in about 20 years on Wednesday in
an attempt to shield the country's oil-dependent
economy from collapse.

President Nicolas Maduro announced that the
pump price of premium gasoline would jump
from just under 0.1 bolivars per litre to six
bolivars (1.5 US cents to 95 cents) - a 60-fold
increase from its current level.

"This is a necessary action, for which I take
responsibility," Maduro said in a televised
address.

"The time has come to establish a system that
guarantees access to hydrocarbons at a fair
price but that also guarantees the funding of
investment in producing that gasoline."

Maduro also announced that the strongest of the country's official exchange rates, used for
essential goods like food and medicine, would
weaken to 10 bolivars per US dollar from 6.3.

Venezuela has the biggest known oil reserves in
the world and has been practically giving
gasoline away in recent years. But it has
suffered from plunging world oil prices since
mid-2014.

Sparking protests

The move risks sparking protests in a volatile
country where citizens are struggling with
soaring inflation and shortages of basic goods
such as cooking oil and toilet paper.

A petrol price increase in 1989, which came at a
time of economic crisis driven by low oil prices,
spurred popular outrage that erupted into days
of rioting that killed hundreds.




For more: www.aljazeera.com/news/2016/02/venezuela-hikes-petrol-prices-tackle-economic-crisis-160218042536706.html

modath:
Breakingtimes, Trent, shadowclowns etc ?? No, i'll expend the time on something else, I'd rather watch paint dry! Thx.

Iroh88 ...you come with forro! if anonimi "cash" you ehn, don't you know that is "his" territory?!!

AtlanticBreeze:
Nigeria has a boko haram sponsor and negotiator as president so what's the issue with SAS? And why are lagos/ibadan media controlled by Tinubu running false stories on a supposedly dead party? Is APC and their zombies not jokers?

SMARTKOSSY:
boi.... Abeg...neva in ur life quote me.... I don't av any business with u.....dey ur Lane...... When he said I will stabilise world oil price, where were you?......

Arch1:
Before insulting her, have you confirmed the story? Did she really say so?

makabulchi:
Pawns,d big fish is untouchable even d president knows ds.

Lvlink:
Yes they are best described as possible sympathizers. That's exactly what the Op is trying to say.

It is common sense that they (Bokoharam & Militants) would naturally choose those who are sympathetic to their cause!

In essence, you have just agreed with the Op that Buhari is truly a Bokoharam sympathizer

kernel504:
THAT'S WHAT YOU GET WHEN YOU VOTE APC.

SMARTKOSSY:
Blame it on the Daura President(D2)

Teachers unpaid, projects stalled on plummeting oil revenue

Sibrah:
Stop lying, No party was chosen to mediate for BH, individual were. Buhari was, and is still honest, so he was chosen. No surprise there. Don't forget OBJ was willing to put himself forward for BH related issues unlike Buhari.

Orjioorji:
this is what we called logical arguments don't mind the zombies basking in ignorance without facts Buhari is a boko haram

Super1Star:
I was just trying to give them a benefit of the doubt.

Can we say that they just chose to continue in their criminal and unpatriotic ways or they acted as saboteurs or they simply did not understand the new system?

modath:
Same thing I posited, Yam eaters just want a major financier & SAS too needs political relevance, hence a match made in bombing Hell!


Howdy? Long time...

Super1Star:
It is long overdue.

They could also re-train them and give them a second and final chance to redeem themselves.

It was obvious that they either did not understand the Zero Budgeting System or they just wanted to continue in their criminal behaviour of inflating budget arbitrarily.

RexTramadol1:
I don laff taya


U no gada @all, ur lie no be here!

dfrost:
Your last statement broke my heart.
I don't do politics but I usually read people's comments. If you are truly behind the moniker the poster assumed, then it confirms what I tell people: don't condemn a man because of his beliefs. He might have a reason for such.

We all have a kind part of us. It is only waiting to be touched. Kudos bruh.

sarutobie:
Lol Omenka you actually have a tear to shed? I want to believe this Valentine period really touched the humanity in you...but that will be the day!

TippyTop:
Am content with life bro, don't need advice from paid hacks.

Firefire:
God bless the king.

TippyTop:
Most of what you wrote above describes my personality, am a vivacious person.
But I 'd continue to pour bile/scorn on Bubu's govt, you should know what am talking about, you did the same thing until the election.

hinwazaka:
Don't worry Mugu, we will soon bring out your skeletons. After which we will send you to your grave

PassingShot:
I love this man die.

This is what you get when you have a president who is averse to corrupt practices and has the political will to kill corruption irrespective of whose ox is gored.