Venezuela Raises Petrol Prices, Mandates Support for Petro at Gas Stations

Venezuelan petrol stations now support the state-issued Petro cryptocurrencies the rollout comes amid an aggressive adjustment to the country's petrol regime.

Listen to article Venezuela has announced that petrol stations across the nation will sell gasoline at a reduced price in exchange for the country's state-issued, oil-backed cryptocurrency, the Petro.

The announcement comes alongside the removal of local petrol subsidies that will see the price of gasoline spiking from close to nothing to $0.02 per liter.

Amid acute petrol shortages, June 1 saw Venezuela remove subsidies on the price of gasoline.

The new petrol regime will see Venezuelan car-owners allotted 120 liters per month at roughly $0.02 - essentially allowing motorists two full tanks worth of petrol for approximately $1.20 each month.

Motorcyclists will receive 60 liters of petrol per month.

With Venezuela's monthly wage equating to roughly $3.61 per month plus a food bonus allowance of $2.89, just the subsidized petrol allocation represents 37% of the minimum wage including the food bonus.

Venezuela's new petrol regime will also see support for Petro payments launched across the country's gas stations.

Drivers of state vehicles are still able to access petrol for free - creating an easy opportunity for black-market petrol sales.

Despite comprising one of the world's most oil-rich nations, mismanaged and dilapidated refineries and harsh sanctions from the United States have resulted in chronic petrol shortages across Venezuela.