Venezuela abandons petrol subsidies as inflation set to hit one million per cent
said Monday that some of the world's cheapest petrol that drivers enjoy will soon be sold at world market prices to combat rampant smuggling. "Gasoline must be sold at an international price to stop smuggling to Colombia and the Caribbean," Maduro said in a televised address. , like most oil producing countries, has for decades subsidised fuel as a benefit to consumers. But its fuel prices have remained nearly flat for years despite hyperinflation that the International Monetary Fund has projected would reach 1 million per cent this year. ...
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