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Venezuela: Maduro reduces petrol subsidies as oil market remains volatile01:20

Venezuela: Maduro reduces petrol subsidies as oil market remains volatile

Venezuela, Bolivarian Republic of, Caracas
February 18, 2016 at 06:13 GMT +00:00 · Published

Venezuelan President Nicolas Maduro announced that the government would reduce subsidies on petrol prices during an address from Caracas, Wednesday, increasing gas prices for the first time in 20 years as part of a bid to regulate Venezuela's markets.

The price of petrol will rise from .097 bolivars (€ 0.14) a litre to 6 bolivars (€ 0.85) per litre, with hope that the excess money afforded to the state will help stabilise the countries growing economic crisis. The socialist president also aims to use the money saved from the petrol price hike to develop housing and education.

With almost a 200 percent inflation rate, the country's economy shrank by 8 percent in 2015, with the economic downturn linked to falling oil prices, Venezuela's main export, as US shale oil saturates the global market. Private companies taking advantage of state enforced preferential exchange rates have also be associated with the growing inflation rate as cheap imports flood the Venezuelan market.

Venezuela: Maduro reduces petrol subsidies as oil market remains volatile01:20
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Description

Venezuelan President Nicolas Maduro announced that the government would reduce subsidies on petrol prices during an address from Caracas, Wednesday, increasing gas prices for the first time in 20 years as part of a bid to regulate Venezuela's markets.

The price of petrol will rise from .097 bolivars (€ 0.14) a litre to 6 bolivars (€ 0.85) per litre, with hope that the excess money afforded to the state will help stabilise the countries growing economic crisis. The socialist president also aims to use the money saved from the petrol price hike to develop housing and education.

With almost a 200 percent inflation rate, the country's economy shrank by 8 percent in 2015, with the economic downturn linked to falling oil prices, Venezuela's main export, as US shale oil saturates the global market. Private companies taking advantage of state enforced preferential exchange rates have also be associated with the growing inflation rate as cheap imports flood the Venezuelan market.

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