Venezuela raises petrol price for first time in 20 years - BBC News - 0 views
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venezuela petrol price raise first time time 6000% bbc news politics crisis
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Venezuela is raising petrol prices for the first time in 20 years, although the president claims it will still be the cheapest in the world.
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President Nicolas Maduro said pump prices of premium fuel would rise from the equivalent of $0.01 a litre to about $0.60 (£0.40).The cost of lower grade petrol would rise to about $0.10 a litre.
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He unveiled a series measures to help ease Venezuela's economic crisis, including devaluing the currency.The rise in the heavily-subsidised fuel price will save $800m a year.
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However, other countries, including Saudi Arabia also have extremely cheap, subsidised petrol prices.
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Food and petrol price increases in 1989 sparked nationwide protests that resulted in scores of deaths, unrest that is considered to have paved the way for the late President Hugo Chavez's rise to power.
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Venezuela's economy has been pushed to the brink by the collapse in the oil price, which accounts for about 95% of the country's export revenues.
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According to the Bloomberg news agency, the state oil company Petroleos de Venezuela incurred $15.2bn in costs in 2013 to maintain Venezuela's fuel subsidy.