Venezuela Plans a 50% Fuel Hike as It Braces for Revenue Slump

Venezuela’s government is laying the groundwork for a 50% hike in fuel prices at the pump as it braces for a decrease in revenues after US oil major Chevron and other oil firms halted work in the country.

State-owned oil Petroleos de Venezuela SA plans to roll out a price increase of $0.25 per liter to $0.75 across states, according to three people with knowledge of the situation.