Venezuela Petrol To Rise to Int’l Levels

Instant Max AI

(Energy Analytics Institute, Ian Silverman, 13.Aug.2018) — The price of Venezuela’s subsidized petrol, long one of the cheapest in world, is set to rise.

Effective August 20, 2018, the price of Venezuela’s petrol will cost the same as in international markets, reported PDVSA in an official statement, citing comments from Venezuela’s President Nicolás Maduro.

The decision to raise the price of petrol comes as Venezuela tries to reduce annual loses estimated at $18 billion due to the contraband of the product to neighboring countries from Aruba to Colombia, among others.

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