Venezuela’s highly subsidized gasoline, cheaper than anywhere in the world, could be more expensive starting next month. Why? The smallest coin that will be available in the market will be enough to fill 100 SUV tanks.
The bizarre situation is the result of a rapidly depreciating currency, hyperinflation and ridiculously low prices for fuel. President Nicolas Maduro’s plan to redenominate the bolivar on Aug. 20 by lopping off five zeroes means that 50-cent coins for the new “sovereign” bolivar will be worth 50,000 of the old (and poorly named) “strong” bolivar. It currently takes only 500 of the older style of bolivars to fill up a truck’s tank.
