Venezuela's Presidential Administration Considers Increasing

Gas Price By Julio Herrera Velutini

Introduction

Continuing a multi-generational family tradition to pursue careers in the banking industry, Julio Herrera Velutini performs as the head of one of the largest banks in Venezuela. In order to lead the company to the best of his ability, Julio M. Herrera Velutini stays up to date with business news in many of the country’s industries, including the oil sector.

Gas Prices

In August 2014, the Venezuelan government made the announcement that it is contemplating raising gas prices for the first time since 1996. Currently, Venezuela features the cheapest gas prices in the world. It costs approximately a U.S. nickel to buy a gallon of gas, and many people can fill up their cars, which are commonly SUVs and 1950s models, for less than $1.

Conclusion

However, the nation has recently been facing widespread inflation and other economic issues. This has led President Nicolas Maduro's administration to court various avenues to improve the financial situation. For example, the state is also considering selling its Citgo holdings, which include more than 5,500 service stations and three refineries in the United States, as well as its 50 percent stake in the Chalmette refinery in Louisiana. While these solutions may help, they are bound to have major political ramifications for President Maduro during the 2019 election.