The Central Bank of Venezuela’s report on the price increase for the first quarter of the year places the indicator at 71.8 %.

According to the official figures published on Thursday, April 9, by the BCV on its website, “prices increased 13.1 % in March, while in February inflation was 14.6% and in January 32.6 %.”

In detail, the transportation sector saw the largest increase last month, with a rise of 15.6 %. Next are: housing services, excluding telephone (15 %), recreation and culture (14.5 %), household equipment, and restaurants and hotels (13.3 %).

 

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Regarding food and non-alcoholic beverages, key sectors for the population’s quality of life, prices registered a 12.6 % increase.

According to the regulatory body, “Venezuela has accumulated twelve months with double-digit inflation rates, with January’s being the highest in that period, as well as the highest in exactly three years.”

One of the main causes for the price increase is the rise in the dollar exchange rate. “The price of the dollar on the official market went from 301.37 to 473.87 bolivars in the first quarter of the year, an increase of 57.2 %, which also represents a 36.4 % devaluation of the Venezuelan currency, the bolivar, against the US dollar.”

On the other hand, the monthly minimum wage has been 130 bolivars since March 2022, and it faces constant erosion due to inflation and devaluation.

M.Pino

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Starting next April, the Dos Bocas refinery in Mexico will begin refining fuel. The announcement was made by the country’s President himself, Andrés Manuel López Obrador, in his morning press conference this Monday, March 11.

Obrador highlighted that they have achieved this goal in the midst of a highly competitive market, affected by the Covid-19 pandemic.

The Dos Bocas refinery has been active since 2023 with the production of primary gasoline at a rate of 340 thousand barrels per day of capacity.

AMLO indicated that the country is heading towards the end of fuel dependency. He recalled that for decades, Mexico has been exporting crude oil and importing gasoline, which has contributed to the increase in the item from time to time.

With the beginning of fuel refining in Dos Bocas, they are moving towards independence in terms of gasoline for domestic consumption.

In this sense, López Obrador pointed out: “We are going to be very close to self-sufficiency in September and, thanks to this refinery plan, the price of gasoline will not increase… because this is precisely due to the refineries, because before they were sold crude oil and we bought gasoline.”

M.Pino

Source: americaeconomia

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The Minister of Finance of Cuba, Vladimir Regueiro Ale, announced last Monday a drastic increase in fuel prices, exceeding 500%, along with a 25% increase in the electricity tariff for consumers exceeding 500 kWh.

With this measure, the retail price of regular B90 gasoline and regular diesel rose from 25 Cuban pesos to 132 Cuban pesos. Also, the special B94 gasoline saw an increase from 30 pesos to 156, and the special diesel rose from 27.5 pesos to 150.

During his intervention on the Round Table program, Regueiro Ale justified these actions as a strategy to “correct distortions” in prices, which, according to the news portal Cubadebate, had become outdated and affected the entire economy.

The Minister pointed out that many import prices, including those of fuel, had experienced an increase that was not adequately reflected in the Cuban economy. He also mentioned that a number of State-owned enterprises had incurred losses due to the centralized pricing policy.

Regueiro Ale reported that these increases were partly due to the reduction of state subsidies and that they would be implemented gradually to allow a constant assessment of the impact on the economy and the population.

The official highlighted that measures have been designed to mitigate the impact of these increases, offering specific protections to individuals or families in vulnerable situations, rather than maintaining a blanket subsidy.

Finally, Regueiro Ale emphasized that these measures are not isolated, but part of a broader program aimed at revitalizing the Cuban economy, considering the country’s own resources and limitations.

K. Tovar

Source: Descifrado

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The European Union will demand the phasing out of fossil fuels at the United Nations Climate Conference (COP28) in early December, after EU climate and environment ministers have agreed.

Meeting this Monday in Luxembourg, the Twenty-Seven agreed on their conclusions for the conference, which will serve as the negotiating position of the EU as a whole in the debates taking place at the Dubai climate summit.

In its conclusions, the Council highlights the opportunities that ambitious climate action brings to the planet, the global economy and people, and the importance of ensuring a just transition towards sustainable, climate-resilient and climate-neutral economies and societies that do not leave no one behind.

To that end, the Twenty-Seven declaration notes that the transition to a climate-neutral economy will require a global phase-out of fossil fuels and a peak in their consumption this decade, and underlines the importance of the energy sector being predominantly fuel-free. fossils long before 2050.

Likewise, ministers have called for global action to triple the installed capacity of renewable energy to 11 terawatts (TW) and double the pace of improvement in energy efficiency by 2030, while respecting the national energy mix of each country. .

The Twenty-Seven also called for substantially increasing global climate ambition to keep the 1.5 degrees goal within reach, in line with the Paris Agreement, while considering that Nationally Determined Contributions (NDCs) and their updates are currently insufficient to achieve the objective.

In this context, the Council welcomes the submission to the United Nations Framework Convention on Climate Change (UNFCCC) of an updated NDC that will reduce the EU’s net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and achieve climate neutrality no later than 2050.

Source: dpa

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In its most recent report, OPEC forecasts a sustained increase in demand for crude oil until 2025, taking as a reference the requirements in the transport and technology sectors.

The report of the Organization of Petroleum Exporting Countries, published this Monday, indicates that the increase in the demand for crude will be the result of the “push of the African countries, India and other Asian countries, to feed the transports and the expansion of their middle classes.

According to the cartel, in 2021 global demand stood at 96.9 mbd; and by 2035 consumption would be at 109.5 mbd. Experts have indicated: “The demand of the OECD countries presents a declining trajectory after 2024, and will fall to 34 mbd” by the year 2045, compared to the demand of 2021, which reached 44.8 mbd, indicate the authors. Of the report.

At the same time, they point out that due to the expansion of the middle class, demographic growth and potential economic development in non-OPEC countries, the demand for crude oil will also rise, reaching 24 mbd.

Among the countries with the greatest impact on this increase in the demand for crude oil in the coming years and even until 2045 are China, India and other Asian countries, as well as African nations, “where economic progress, urbanization, industrialization and the expansion of the automobile fleet will be faster”, the organization has pointed out.

M.Pino

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Source: primicia

La entrada OPEC: oil demand will grow until 2035 apareció primero en Bitfinance.

The director of the National Economic Council of the White House, Brian Deese, assured that the economic policies of the President of the United States, Joe Biden, have a particular focus on the Hispanic community.

“Not only do they record a rapid reduction in the unemployment rate, but we have seen a record growth of small businesses and entrepreneurship in the country? Even among the Hispanic community“, Deese said.

The unemployment figures for September 2021 were 5.4 % in the Hispanic community, for this year that gap was reduced by 3.2 %. Another important fact is that today there are around five million companies that are owned by members of this guild.

The official exposed three actions of the Biden Administration that have a direct impact on American families, including Hispanics. The first is about the reduction in the cost of fuel, which comes from the release of 15 million barrels of oil from the Strategic National Reserve.

Another of the actions will seek to have a cost reduction in the prices of medicines and medical insurance, based on the Inflation Reduction Law. Deese indicated that Medicare will be allowed to negotiate better prices for prescription drugs.

The third action of the Biden Administration is the strategy to reduce the cost of energy.

“In the coming months, Americans will have access to tax credits for doing things, like buying more energy-efficient appliances, making improvements to their homes, new windows, new doors. They will now get a tax credit for more efficient appliances or efficient ways to heat and cool their homes that will help lower their costs,” the official said.

K. Tovar

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Source: La Opinión

La entrada Biden policies benefit Hispanics apareció primero en Bitfinance.

With the end of the so-called gasoline discount at the end of August, fuel prices in Germany were again the most expensive among its neighboring countries in the European Union, the Federal Statistical Office (Destatis) reported today.

According to the statistical authority, until September 5, average daily prices of 2.07 euros ($2.09) per liter of Super E5 and 2.16 euros per liter of diesel were registered in Germany.

While in Denmark (2.04 euros) and the Netherlands (2.01 euros) super gasoline is as expensive as in Germany, Poland offers the lowest prices, with 1.38 euros for a liter of Super and 1 .61 euros for diesel.

Germany reduced taxes on gasoline and diesel between June and August to alleviate the cost of inflation, which generated a drop in fuel prices. The price of a liter of Super was reduced by 35.16 cents and that of diesel by 16.71 cents.

However, the extent to which the tax relief was actually passed on to end customers is still under discussion. From September 1st, normal tax rates were applied again and Germany is once again one of the most expensive countries in the European Union (EU).

According to Destatis, in general, fuel prices remain higher than before the war in Ukraine began. The experts detail that on February 21, 2022, for example, a liter of E5 cost 1.80 euros and that of diesel 1.66 euros. The price increase is especially pronounced in the case of diesel. Meanwhile, in the month of March the most expensive fuel was paid.

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Source: dpa

La entrada Germany has the most expensive fuel among its European neighbors apareció primero en Bitfinance.

Iran recently approved the use of cryptocurrencies within imports, specifically for the management of commercial transactions.

The regulations include the authorization for the use of digital assets throughout the customs management process, and also in the supply of fuel and electricity for mining.

The Central Bank of Iran has also agreed that imports can be processed in cryptocurrencies. People can now even import cars using digital assets instead of US dollars or euros, according to the report.

The Ministry of Industry, Mines and Commerce reported that in the coming months it will begin to significantly expand the use of this type of asset in the sector. Similarly, he stressed that this initiative also includes the allocation of licenses, among other things.

K. Tovar

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Source: DiarioBitcoin

La entrada Iran approves the use of cryptocurrencies in imports apareció primero en Bitfinance.

This week, California (United States) announced that from 2035 it will limit the sale of vehicles that use gasoline.

The objective of this measure focuses on drastically reducing the emission of carbon dioxide in the next two decades, through the sale of hybrid models between fuel and electricity.

Gavin Newsom, Governor of California, assured that this action is “bold and innovative”, which will also help transform the US automotive industry.

This proposal was approved on Thursday, August 25, after spending five hours in discussion with the body in charge of combating environmental pollution.

This is how California joins the United Kingdom and Canada as entities that will set the standard in the fight against carbon dioxide emissions.

Vehicles are the leading cause of greenhouse gases in the United States. They represent 28 % of the carbon footprint of the world power.

K. Tovar

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Source: Elpais

La entrada California will restrict the sale of cars that use gasoline apareció primero en Bitfinance.

The governments of Iran and Venezuela are negotiating a contract to repair the Paraguaná Refining Complex (CRP), considered the largest oil refiner in the country and once one of the most important in the global arena.

Sources close to the negotiation indicated: “In about a year, Iran should be able to bring its people to Paraguaná (…) They have been very focused on the preparations, including housing for the workers.”

The Paraguaná Center, also known as CRP, has a capacity of 955,000 barrels per day and is made up of the Amuay and Cardón refineries, located on the Paraguaná Peninsula in the Falcón state of Venezuela.

According to some independent statistics, the CRP registered operations for the month of April of 17 % of its capacity.

Iranian supplies

According to data released in various media, the Iranian state companies provided the Venezuelan authorities with equipment and instruments that made it easier for the Caribbean country to activate the gasoline manufacturing unit in the CRP.

The equipment was transferred from China, after the “Iranian” companies handled the procurement and transportation.

On the other hand, Iran has provided Venezuela with some “fuels and diluents” to obtain the grades of crude necessary to export. In addition, it has supplied spare parts and equipment since 2020 in order to restore and renew the refining network and raise it to “1.3 million barrels per day.

Recently Niordc, the unit of the state-owned Iranian National Oil Refining and Distribution Company, signed a contract for 110 million euros, equivalent to 116 million dollars, with PDVSA in order to “repair and expand the El Palito refinery” which has a capacity of 146,000 barrels per day and is located in the central region of the country.

M. Rodríguez

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Source: eluniversal.com

La entrada Venezuela and Iran will repair the Paraguaná Refining Center apareció primero en Bitfinance.