Cuba will increase the cost of gasoline by 500 %

The Cuban government announced that the increase in gasoline by almost 500 % will come into effect next March 1, a month after the originally planned date. In addition, as part of a series of measures to tackle the country’s fiscal deficit, the Minister of Finance and Prices, Vladimir Regueiro, ratified a 25 % increase in electricity tariffs for the most consuming sectors.

According to the newspaper Granma, from Friday will be implemented the update of the retail prices of fuels and the 25 % increase in the electricity tariff for customers who consume more than 500 kilowatts/hour. This measure has caused concern among the population, who fear an escalation in prices in the country.

In January, crowds and long queues were observed at gas stations, but the government delayed the measure’s entry into force, citing a cybersecurity incident in computer systems.

As a result, the Minister of Economy, Alejandro Gil, was dismissed. Gil, one of the most high-profile politicians on the island, had admitted that the government could not continue subsidizing fuel.

K. Tovar

Source: CNN

(Reference image: Dawn McDonald on Unsplash)

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