Venezuela tightens grip on fuel stations after subsidy reform – ZAWYA

Venezuela tightens grip on fuel stations after subsidy reform – ZAWYA

Venezuela tightens grip on fuel stations after subsidy reform | ZAWYA MENA Edition HomeMarketsCommoditiesArticleVenezuela tightens grip on fuel stations after subsidy reform PDVSA has a monopoly over the wholesale fuel distribution market and owns almost all of the country's 1,200 service stations    CARACAS- Venezuelan state oil firm PDVSA has told independent gas station operators it can revoke their licences "at any time", only weeks after it cut generous fuel subsidies and as widespread shortages take hold, a notification PDVSA sent to the operators showed.PDVSA has a monopoly over the wholesale fuel distribution market and owns almost all of the country's 1,200 service stations, although most are operated by private companies through commercial licences.Many are suffering the effects of years of price freezes that prevented fuel sales income from keeping up with the costs of maintaining their stations.PDVSA has a monopoly over the wholesale fuel distribution market and owns almost all of the country's 1,200 service stations, although most are operated by private companies through commercial licences.CARACAS- Venezuelan state oil firm PDVSA has told independent gas station operators it can revoke their licences "at any time", only weeks after it cut generous fuel subsidies and as widespread shortages take hold,