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Thursday, February 22, 2024

Cuba. The government increases gasoline prices fivefold

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We have no choice but to limit the consumption of imported products through radical price increases, the Cuban authorities said in an official statement. From February 1, prices of 94-octane gasoline at gas stations in Cuba will increase more than fivefold – from 30 to 156 pesetas per liter, added Vladimir Rogueiro, Cuban Minister of Finance and Prices.

The minister explained in an official statement that this increase could not be avoided. Otherwise – given the severe economic crisis the country is going through – it would not be possible to ensure that gas stations are supplied with the type of fuel most often sought by drivers on the island.

Cuban authorities: we have no choice

As the Cuban authorities explain in an official statement, given the scarce resources of convertible currencies, without which the market for some basic food and fuel products would have to be further restricted, “we have no other option but to limit the consumption of imported products through radical price increases.” They will also grow rapidly Cuba from February 1 – announcements on radio and television have been announcing for several days – fees for electricity and bottled gas, commonly used on the island for cooking purposes.

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Washington’s economic sanctions

Cuba, whose traditional dependence on imports of many goods, including fuel, from abroad has increased significantly over the last four years, blames this state of affairs especially on the American administration under President Donald Trump. Washington then greatly tightened economic sanctions against this authoritarian-ruled island country.

Read also: Crude oil is falling significantly after the Saudi decision>>>

Main photo source: Shutterstock

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