Venezuela increases gasoline price for first time in 20 yearsStaff writer ▼ | February 18, 2016
The Venezuelan government is raising petrol prices for the first time in 20 years, and devaluing the bolivar currency.
LatAm The bolivar currency is going down
Venezuela, where petrol is sold at the world's cheapest price, has been able to do so by heavily subsidizing the fuel.
The new measures are estimated to save $800 million a year, but at the same time may spark protests in a country where citizens are struggling with soaring inflation and shortages of basic foods and goods, reports say.
"This is a necessary action, for which I take responsibility," Maduro said in a televised address. ■