Venezuela is preparing for a significant increase in natural gas prices as it continues to remove subsidies on the fuel in search of revenue.
Venezuela’s oil ministry plans to triple fuel prices, the first increase in more than a decade, according to Bloomberg.
This will be the second fuel hike planned by the government after announcing a hike in diesel prices for industrial purposes on July 6.
The last time the government raised petrol and diesel prices meaningfully was in 2020 after rolling back a decades-old policy of subsidies for drivers and public transport that made Venezuela’s fuel among the cheapest in the world.
Despite having the largest reserves of crude oil in the world, Venezuela’s refineries cannot meet domestic demand for fuel due to years of divestment, mismanagement, and US sanctions.
