Venezuela to hike fuel prices by October

Venezuelan President Nicolás Maduro

The Venezuelan government has announced it would increase the price of its heavily subsidized gasoline by October 2018.

President Nicolas Maduro who made the announcement said his government would also launch a new payment system using a state-backed identification card in border states to limit smuggling in the country.

Maduro explained that he would increase prices of gasoline to international levels once that system was in place.

“During the course of September, October, once that system is working, we will establish the subsidy systems and the price of gasoline will be set at the international price,” he said during a televised broadcast.

The new system revolves around a state-backed ID known as the Fatherland Card, which Maduro says is meant to provide better services to citizens through data collection.

Peace PIAK