500% Hike in Petrol Price, Know in Which Country

Reeling under inflation and product scarcity, the government of Cuba has increased fuel prices in the country by 500 per cent. The communist rulers of the cash-strapped island nation declared the five-fold increase in petrol prices on Monday. The new fuel price will come into effect from February 1. It is a measure to reduce Cuba’s budget deficit.

The present price of a litre of regular petrol in Cuba is 25 pesos (20 US cents). From February 1 the new price would be 132 pesos. The price of premium gasoline will rise from 30 to 156 pesos.

Cuba with a population of 1.1 crore people is facing its worst economic crisis following the COVID pandemic. The tightened US sanctions have shattered the Cuban economy. The Cuban economy went down by two per cent in 2023, while inflation reached 30 per cent in 2023.

“The country can not maintain the price of fuel, which is the cheapest in the world,” said Cuba’s Economy Minister Alejandro Gil.


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