Venezuela to increase subsidized gasoline price – Reuters

Venezuela to increase subsidized gasoline price – Reuters

CARACAS, Oct 23 (Reuters) - Venezuela hiked the price of its subsidized gasoline for vehicles and motor bikes, Venezuelan state oil firm PDVSA said in a statement on Saturday, an increase the government attributed to the recent cutting of six zeros from local currency.

The new price will come into effect as of Sunday Oct. 24, bringing the cost of a liter of fuel to 0.10 bolivars (0.023 dollars), representing an increase of 1,900% on the price of 0.005 bolivars a year and a half ago.

Price increases of subsidized gasoline, which includes a monthly allowance for users, comes amid an acute fuel shortage.