Cuba to increase price of fuel by more than 500% - BBC News

The island is experiencing a crippling economic crisis which has already driven thousands to emigrate.

2 hours agocommentsCommentsShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, The cost of premium gasoline will rise from 30 to 156 pesos per litre from 1 FebruaryBy Emily AtkinsonBBC NewsThe Cuban government has announced a five-fold increase in fuel prices as it struggles with shortages and a deepening economic crisis.

It said that from February the price of a litre of petrol would rise from from 25 pesos ($0.20; £0.16) to 132 pesos.

The government, which subsidises many goods, hopes this will help to reduce its deficit.

It is the latest measure making life more difficult for cash-strapped Cubans.

Finance minister Vladimir Regueiro said the cost of diesel and other types of fuel would face similar mark-ups. He also announced a 25% increase in electricity prices for major consumers in residential areas, as well has hikes in costs for natural gas.

https://www.bbc.co.uk/news/world-latin-america-67922246?at_medium=RSS&at_campaign=KARANGA

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