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Venezuela's Gas Prices Jump 6,000 Percent

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Earlier this week, in a speech that lasted nearly five hours, President Nicolas Maduro announced a price hike on 95 octane gasoline, that amounts to 3 cents per gallon at Venezuela’s unofficial exchange rate. While that price increase sounds like peanuts to outsiders, it’s slightly more substantial in a country where the minimum wage currently hovers around $11 a month. Raising gas prices has long been a sensitive topic in Venezuela, an oil rich nation where people have become accustomed to having the world’s cheapest fuel. Venezuela’s government is hoping that the gas hikes will help offset falling revenue from plummeting oil prices, which have dropped from $103 to $30 per barrel in just two years.

Added on the 19/02/2016 19:05:09 - Copyright : Wochit

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