Nicolás Maduro to curb fuel subsidies

Share Button

Venezuela’s President: Nicolás Maduro has said, its subsidised fuel prices must rise, in order to stop smugglers cheating the country of millions of dollars.

Like many oil producing nations, Venezuela offers its citizens heavily subsidised petrol. Smugglers are at advantage, as they can line their pockets, re-selling the oil in nearby countries.

Venezuela’s economy is in freefall, with inflation rates estimated to reach a million percent this year. However, the price of oil has barely changed.

Share Button

Leave a Reply

Your email address will not be published. Required fields are marked *