Venezuela Raises Fuel Prices By More Than 6,000 Percent

In a televised-address on February 17, Venezuelan President Nicolas Maduro delivered some crushing news to his country.

To address the fiscal crisis facing the country, the government decided to raise fuel prices by more than 6,000 percent. While that may sound dramatic, it will still leave Venezuela with some of the cheapest fuel in the world. Prices for 95 octane gasoline at the pump will jump from 0.097 bolivars to 6 bolivars. It was the first increase in fuel prices in 20 years. Continue reading