Cuba is increasing the retail price of 94 octane gasoline five-fold, from 30 to 156 pesos per liter, to secure fuel supplies.
The country will also open 29 gas stations selling gasoline exclusively in U.S. dollars to generate vital foreign currency.
These measures are part of a broader package aimed at controlling deficit spending and addressing the shortfall of dollars needed for imports. (Trending: Clintons Scramble To Delete Embarrassing Photo, But Were Too Slow)
Cuba Braces For Gas Prices Over $20 A Gallon https://t.co/XQE4pCfq8L pic.twitter.com/6hbfHba3RA
— Jalopnik (@Jalopnik) January 10, 2024
Finance and Price Minister Vladimir Regueiro, said, “These measures are aimed at reviving our economy.”
Additionally, there will be similar price hikes for other gasoline types and diesel, as well as increases in electricity rates and liquefied gas prices to reduce subsidies and promote energy efficiency.
The country attributes its economic challenges to sanctions and the pandemic, leading to shortages of essential goods and a likely contraction of the economy in 2023.
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