The World’s Cheapest Gas Set To Rise By 6,000 Percent

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Venezuelan drivers have enjoyed the cheapest gas prices in the world, however, the price is going up 6,000 percent, from 10 centavos to 6 bolivars, while a basket of strawberries costs 800 bolívars. The increase will take the cost of one liter of gas from one cent to 60 cents in USD in the oil-rich nation, which is still very inexpensive compared to the rest of the world. The government is still selling gasoline, even after the price increase, at less than it costs to produce it.
An RT article reports which made its way to LinkedIn.com, that the extra money will go to social services, such as housing and education. President Nicolas Maduro asked Venezuela’s motorists to support the price hike, perhaps fearing the riots that broke out after the last price hike 20 years ago. The price hike should go into effect soon, although President Nicolás Maduro did not announce a date during his February 17, speech.