Venezuelans awoke to new petrol prices on Monday — and the realisation that for the first time in decades they will have to pay close to market rates if they want to fill up their tanks more than a few times a month.
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These are the new terms under the price regime:
- Venezuelan motorists will still get some petrol almost for free. They will be allowed 120 litres a month — enough to fill an average car twice — for 5,000 bolívares ($0.02) a litre, meaning it will cost $1.20 to fill a car; Motorcyclists will be allowed 60 litres a month.
- Anyone who wants more will have to buy it from one of 200 designated petrol stations and pay 50 US cents per litre, only slightly cheaper than in the US and many countries in Latin America. They will have to pay in dollars,
- To get their heavily subsidised initial quota, people will need a valid "Fatherland Card", a " voluntary" ID introduced by President Nicolás Maduro in 2017, and used to distribute subsidised food and goods and services to the population. Many government opponents refuse to register for the card, saying the Maduro regime uses it to exercise totalitarian control.
Venezuela's oil output has crashed during 21 years of leftwing rule. A founding member of Opec, the country used to supply about 15 per cent of the world's oil. Now it accounts for less than 1 per cent.
