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Venezuela refuses the world’s cheapest gasoline

Venezuela wants to solve one of the key problems in their economies and to establish market cost of gasoline in the country. Until recently, the fuel in the Bolivarian Republic was the cheapest in the world — five-six bolivars per liter, and considering the rate of 4 million bolivars per dollar, gasoline could be considered free.

This led to the fact that the fuel is in large quantities exported for sale to neighboring Colombia. Venezuelan President Nicolas Maduro has estimated the losses of the country from such smuggling at $ 18 billion per year. And now with August 20 in Venezuela introduced the market price for gasoline, however, the government took measures that the population has not suffered from this.

“There will be a system of subsidies to the entire population and public transport, but the price of fuel needs to be international to end smuggling. There will be direct subsidies to all families to all owners of cars, boats, buses, trucks, private, public,” — said Maduro on state television.

He explained that in Venezuela conducted a census of motor vehicles, and she needed it in order for citizens to rely on subsidies. “Wednesday, Thursday and Friday this week – and then the census will come to an end. Who will not participate in it, will have to pay for gasoline at the world price,” – said the President.

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In addition, Maduro said that with the same 20th of August, all financial operations of the state oil company PDVSA will be implemented in national bitcoin El Petro: “This is a global change in the whole monetary system of the country.”

Data binding changes to August 20, due to the fact that next Monday we will be holding the denomination of bills will take away the five zeros, and the sovereign of Bolivar will also be bound to El Petro. The cost of a unit of the cryptocurrency equivalent to the cost of a barrel of recovered oil.

While it is unclear how these measures will help to stop the economic collapse Venezeula guilty which, by the way, Maduro pleaded and his administration. His loud statement he made in a speech at the IV Congress of the United socialist party of Venezuela.

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“Production model that we have used so far, failed. It is our responsibility, my responsibility. We must advance the economic power that we have, – said Maduro and added that Venezuela will need two years to “to restore a high level of stability.”

Thus the Venezuelan leader urged his party colleagues not to look for excuses for the current crisis in the American sanctions: “This imperialism is attacking us? Enough whining already… you don’t see what I’m whining. I do not even mention”.

Meanwhile, according to the latest IMF forecasts, inflation in Venezuela by year-end can reach 1 million percent. The minimum wage in the country is 3 million bolivars, inclusive of mandatory payments for the purchase of the minimum food basket — 5.2 million

The situation with oil production in the country no less sad. Official figures from OPEC show that the production of raw materials in Venezuela is around 1.5 million barrels per day. However, unofficial sources of the cartel argued that Venezuelan production is only 1.34 million barrels.

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