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Venezuelan real salary has fallen 89.9% by March

Friday, January 20, 2017

Venezuela taps border fuel sales to shore up currency

Venezuela is expanding a network of retail fuel outlets near the border with Colombia in a controversial maneuver to strengthen the sharply devalued local currency. The stations operated by Venezuelan state-owned PdV can only sell fuel in Colombian pesos exclusively to vehicles registered in Colombia. Caracas is seeking to capture at least part of the revenue generated by smugglers who routinely resell up to 100,000 b/d of cheap Venezuelan gasoline and diesel in the higher-priced Colombian market.Three service stations offering fuel priced in pesos to Colombian drivers are already operating in Zulia state, and 11 more will be operational before the end of next week, Venezuelan president Nicolas Maduro said on 18 January. The stations will be located near border crossings in Tachira, Zulia, Apure and Bolivar states, and are intended to snuff out contraband mainly to Colombia, Maduro said. More…

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