Venezuela hikes gasoline prices citing currency change

Saturday, 23. October 2021 23:10

Venezuela's state oil firm PDVSA said on Saturday it will raise the prices of its subsidized gasoline for vehicles by 1,900% compared to 2020.

The price increase will come into effect on Sunday, from when a liter of fuel will cost 0.10 bolivars ($0.023) instead of the 0.005 bolivars, which was the cost a year and a half ago.

The move comes after Caracas launched a new currency, the digital bolivar, slashing six zeros off its former currency. "Due to the introduction on October 1, 2021, of the New Monetary Expression, that is, of the Digital Bolivar, the price in bolivars of the subsidized fuel needs to be updated," the Ali Rodriguez presidential commission for restructuring the state oil company said in a statement.

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