This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35600921
The article has changed 5 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Venezuela raises petrol price for first time in 20 years | Venezuela raises petrol price for first time in 20 years |
| (about 1 hour later) | |
| Venezuela is raising petrol prices for the first time in 20 years, although the president claimed it will still be the cheapest in the world. | |
| President Nicolas Maduro said that pump prices of premium fuel would rise from the equivalent of $0.01 a litre to $0.95 (£0.66). | President Nicolas Maduro said that pump prices of premium fuel would rise from the equivalent of $0.01 a litre to $0.95 (£0.66). |
| He unveiled a series measures to help ease Venezuela's economic crisis, including devaluing the currency. | He unveiled a series measures to help ease Venezuela's economic crisis, including devaluing the currency. |
| The rise in the heavily-subsidised fuel price will save $800m a year. | The rise in the heavily-subsidised fuel price will save $800m a year. |
| "Venezuela has the cheapest gasoline in the world," Mr Maduro said in a televised address. "The cost is almost nothing." | |
| However, other countries, including Saudi Arabia also have extremely cheap, subsidised petrol prices. | |
| He said the price rise was "a necessary measure, a necessary action to balance things, I take responsibility for it." | |
| Food and petrol price increases in 1989 sparked nationwide protests that resulted in scores of deaths, unrest that is considered to have paved the way for the late President Hugo Chavez's rise to power. | Food and petrol price increases in 1989 sparked nationwide protests that resulted in scores of deaths, unrest that is considered to have paved the way for the late President Hugo Chavez's rise to power. |
| Venezuela's economy has been pushed to the brink by the collapse in the oil price, which accounts for about 95% of the country's export revenues. | Venezuela's economy has been pushed to the brink by the collapse in the oil price, which accounts for about 95% of the country's export revenues. |
| The economy shrank 10% last year, amid rampant inflation and shortages of some basic products, | The economy shrank 10% last year, amid rampant inflation and shortages of some basic products, |
| According to the Bloomberg news agency, the state oil company Petroleos de Venezuela incurred $15.2bn in costs in 2013 to maintain Venezuela's fuel subsidy. | According to the Bloomberg news agency, the state oil company Petroleos de Venezuela incurred $15.2bn in costs in 2013 to maintain Venezuela's fuel subsidy. |
| Mr Maduro also announced that the government would "simplify" the complex exchange rate from Thursday, easing the protected official rate for food and medicine imports which will now operate alongside a parallel "floating" rate. | Mr Maduro also announced that the government would "simplify" the complex exchange rate from Thursday, easing the protected official rate for food and medicine imports which will now operate alongside a parallel "floating" rate. |
| Investors have become increasingly concerned about Venezuela's potential default on its huge debts. | Investors have become increasingly concerned about Venezuela's potential default on its huge debts. |