Cuba will increase fuel consumption by more than 500% starting this Friday

He Increase in gasoline in Cuba In more than 500% It will come in full force next March 1st, a month after the originally planned date, the government reported on Wednesday.

Vladimir Regueiro, Minister of Finance and Prices, also ratified on Friday Increase in electricity tariffs by 25% for the Sectors with the highest consumption, as part of a series of measures announced in December for 2024 aimed at reducing the country’s budget deficit.

“From March 1, the measure to update retail fuel prices and increase the electricity tariff by 25% for customers consuming more than 500 kilowatt hours will be implemented,” the Granma newspaper published on its website, attributing the information to the minister .

The increase in gasoline is causing great concern among the population, who expect prices to rise in the country.

In January there were crowds and long lines at gas stationsbefore he The government postponed its entry into force citing “a cybersecurity incident in computer systems.”.

It was the same week fired Economy Minister Alejandro Gilone of the island’s most high-profile politicians to date, who admitted that the government could no longer subsidize fuel.

The authority announced on Wednesday that the Cyber ​​glitch has been fixed.

What will fuel costs be in Cuba after the 500 percent increase?

According to the government’s January announcement The price of a liter of regular gasoline will rise from 25 Cuban pesos (0.20 US cents) to 132 (1.10 US dollars), an increase of 528%.while Specialty gasoline will rise from 30 (0.25 cents) to 156 Cuban pesos ($1.30), an increase of 520%.

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The increase in wholesale fuel prices, which were due to double in public and private transport, has been postponed, but foreign tourists have been ordered to pay for petrol in foreign currency. In addition, the increase in liquefied gas, also planned for this year, has been postponed.

Cuba is facing a chronic fuel crisis that worsened in April 2023. President Miguel Díaz-Canel attributed this to non-compliance with commitments by countries supplying crude oil to the island because they face a “complex energy situation.”

Venezuela is Cuba’s top crude oil supplier, while Mexico and Russia have helped ease the island’s severe deficit since last year.

According to official estimates, the The Cuban economy contracted by up to 2% in 2023. while inflation closed at 30%, a figure lower than 39% in 2022. AFP

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