Oil Crash Spurs Venezuela Reversal on 18-Year Fuel Freeze
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It took a month and a further 15 percent slump in oil for Nicolas Maduro to change his mind on the need to consider ending Venezuela’s 18-year gasoline price freeze.
Faced with collapsing revenues after crude sank to six-year lows, the President asked lawmakers Wednesday to begin debating the domestic fuel price, currently the world’s cheapest. The request is a reversal for Maduro, who said on Dec. 14 that the time for a price increase had not yet arrived.