While oil prices skyrocketed on the global market in recent years, state-run gasoline stations have not raised the retail price of gasoline since 2005. The state taking the loss represented a 36% subsidy of petroleum.
Today, the retail price has been raised.
It is probably not a coincidence that this move, which naturally must be highly unpopular, was rolled out as the populace is distracted by a category 4 hurricane attacking the entire length of the island.
Venezuela’s Maduro Concludes Foreign Tour in Cuba for G77 + China Meeting
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President Maduro called for the G77 plus China to lead a campaign at the
United Nations to end sanctions.
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