May 26, 2024


Passion For Business

Venezuela, in Historic Shift, Moves to Scale Back Fuel Subsidy

The regime of Nicolás Maduro, grappling with rigorous gasoline shortages, said it will scale back again its longstanding gasoline subsidy and privatize assistance stations, in a significant change for Venezuelans very long accustomed to filling up their cars and trucks totally free of cost.

The measures, which get effect on Monday, are a gamble for Mr. Maduro as he struggles with a devastating financial crisis and tries to outlast U.S.-led sanctions intended to topple his authoritarian administration.