Maduro: Fuel prices to spike in Venezuela to fight smugglers

Filling up a tank of fuel in socialist Venezuela today costs less than one US cent.


Venezuelan President Nicolas Maduro (Miraflores Presidential Palace/AP)
Venezuelan President Nicolas Maduro (Miraflores Presidential Palace/AP)

Venezuela’s president Nicolas Maduro has said fuel will soon be sold at world market prices to combat rampant smuggling.

Mr Maduro said he wanted to stop Venezuela’s subsidised fuel from crossing illegally into Colombia and other neighbouring countries, and said smuggling was costing Venezuela millions.

The move is part of the president’s plan to overhaul an imploding economy, in which inflation is expected to top one million percent this year.

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Supporter sof Venezuela’s President Nicolas Maduro (Ariana Cubillos/AP)

Filling up a tank of fuel in socialist Venezuela today costs less than one US cent.

Mr Maduro said Venezuelans showing their government-issued identification card at the pump would still be able to buy subsidised fuel, but gave few other details of the planned changes.

Many Venezuelans who oppose Mr Maduro’s government refuse the identification card.

Press Association

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