Maduro: Gas prices to spike in Venezuela to fight smugglers
CARACAS, Venezuela вЂ” Venezuelan President Nicolas Maduro says some of the worldвЂ™s cheapest gasoline that his countryвЂ™s drivers enjoy will soon be sold at world market prices to combat rampant smuggling.
Maduro said Monday he wants to stop VenezuelaвЂ™s subsidized fuel from crossing illegally into Colombia and other neighbouring countries. He said the smuggling costs Venezuela billions.
ItвЂ™s part of MaduroвЂ™s plan to overhaul an imploding economy, in which inflation is expected to top 1 million per cent this year.
Filling up a tank of gas in socialist Venezuela today costs less than one U.S. cent.
Maduro says Venezuelans showing their government-issued identification card at the pump will still be able to buy subsidized gasoline. He gave few other details of the planned changes.
Many Venezuelans who oppose MaduroвЂ™s government refuse the identification card.