Venezuelan state oil company PDVSA is
preparing to increase fuel prices in the domestic market in September after two
decades of frozen rates and millions of dollars lost in subsidies and
smuggling. Venezuelan President Nicolas Maduro announced last weekend he has
given PDVSA the green light to bring the price of gasoline to international
levels. Daily consumption is estimated at 190,000 b/d, of which 83,000 b/d are
imported, according to official figures seen by S&P Global Platts. There
are still no details of the exact date on which the price increase will take
effect. Maduro has not said which international price would be used as a
benchmark, or indicated whether other refined products such as diesel will have
new prices as well.More…
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