Venezuela's gasoline goes from world's cheapest to steepest [Reuters]
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Source: Reuters
Venezuela's gasoline goes from world's cheapest to steepest PUERTO ORDAZ/MARACAIBO, Venezuela (Reuters) - Venezuelans reported paying above $2 per liter ($7.57 per gallon) for gasoline last week amid fuel shortages, one of the world’s highest rates and a dramatic reversal for an OPEC nation that long boasted of having the world’s cheapest fuel. Thanks to subsidies under socialist former President Hugo Chavez and his succesor and protege, Nicolas Maduro, gasoline sold by state oil company PDVSA - which has a legal monopoly on fuel sales - is essentially free in Venezuela. Motorists offer pump workers tips of snacks or a few hundred bolivares - under 10 U.S. cents - instead of payment. But the country’s 1.3 million barrel-per-day refining network has all but collapsed, and U.S. sanctions aimed at ousting Maduro have complicated fuel imports, prompting Venezuelans to either wait hours outside gas stations, or turn to the pricey black market. Octavio Salom, 53, said he and fellow kidney p
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