By Moses Patience Chat
Venezuela, a country in South America and a Founding Member of the Organization of Petroleum Exporting Countries (OPEC), has capped the prices of diesel for industries at $1 per gallon after cutting fuel subsidies.
This was revealed in a report by Bloomberg, a high-tech, market-data-driven, information Company. According to the report, Venezuela will start charging large businesses for a type of fuel it previously delivered for free in its quest to phase out fuel subsidies, helping the government halt millions of dollars in losses and raise urgently needed cash.
The report noted that the country’s oil Company, Petroleos De Venezuela SA (PDVSA) is set to increase the price of diesel for businesses to $0.32 per liter, after three years of delivering it for free.
However, it explained that diesel subsidies are to remain in place for health institutions.
Valuechain findings revealed that Venezuela has been pushing to halt losses which the country has encountered as a result of selling cheap fuel since 2020.
