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.