July 13, 2024

Paull Ank Ford

Business Think different

Venezuela, in Historic Shift, Moves to Scale Back Fuel Subsidy

The routine of Nicolás Maduro, grappling with powerful gasoline shortages, explained it will scale again its longstanding gas subsidy and privatize company stations, in a major shift for Venezuelans extended accustomed to filling up their cars and trucks free of charge.

The measures, which take influence on Monday, are a gamble for Mr. Maduro as he struggles with a devastating economic disaster and tries to outlast U.S.-led sanctions intended to topple his authoritarian administration.