Venezuela May Switch To New Gasoline Prices At End Of September - Minister

MEXICO CITY (Pakistan Point News / Sputnik - 19th August, 2018) Venezuelan authorities are hoping to be able to switch to new market-oriented prices for gasoline on the internal market in the last week of September, Venezuelan Minister of Communication and Information Jorge Rodriguez said.

The country's president, Nicolas Maduro, said earlier this week that Venezuela would have to start using market prices for gasoline in order to fight fuel trafficking. However, holders of special cards, who registered their vehicles during the ongoing census, will receive direct subsidies, according to the Venezuelan authorities.

"We are hoping to complete the vehicle census so as to implement a new price-setting system and a direct subsidies mechanism in the last week of September," Rodriguez said Saturday at a press conference.

The minister added that Venezuelans would still pay less than citizens of any other country in the world, but with the help of subsidies.

The state is hoping to save at least $10 billion by introducing the new system.

Until now, Venezuela has had some of the lowest gasoline prices in the world, up to $0.006 per gallon, depending on the brand.