Venezuela Plans a 50% Fuel Hike as It Braces for Revenue Slump
(Bloomberg) -- Venezuela’s government is laying the groundwork for a 50% hike in fuel prices at the pump as it braces for a decrease in revenues after US oil major Chevron and other oil firms halted work in the country.
State-owned oil Petroleos de Venezuela SA plans to roll out a price increase of $0.25 per liter to $0.75 across states, according to three people with knowledge of the situation.
PDVSA officials have already communicated the price hike to private operators in some states, according to the people. It won’t be enforced though until the government makes the official announcement and publishes it in the national gazette. Still, some images of the new prices at the pumps have started to circulate on social media.
Prices hikes first took place in 2020, rolling back a decades-long policy of freezes. Since then, the government has scaled back some announced increases in the face of public opposition.
The measure underscores the struggle for Nicolas Maduro’s government to find new cash sources after oil major Chevron and other foreign operators were banned from working in the South American nation in late May. Trump is pushing to isolate Venezuela from the oil market, considering its government as an “extraordinary threat” to US national security.
Chevron had been a major contributor to the country’s economy in recent years, supplying about 23% of its output and contributing to the flow of dollars into its banking system.
PDVSA and the Oil Ministry didn’t immediately respond to a request for comment. PDVSA owns all fuel pumps at 1,600 gas stations nationwide and partners with private contractors to operate them.
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