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2026-02-20 07:11:20
[Venezuela Pilots Fuel Price Hike, Seeking New Revenue Streams Amid Oil Sector Opening] 1. Venezuela has begun piloting fuel price increases at some gas stations in Caracas, introducing premium gasoline priced at approximately twice the cost of regular gasoline. The initial rollout includes 10 gas stations selling 97-octane gasoline solely in US dollars. 2. This move aims to create new revenue streams for the government, aligning with its overall strategy of reopening the oil industry to foreign investment and increasing production. This is also a significant adjustment made by Venezuela against the backdrop of the US reshaping its energy policy and pushing for industry transformation. 3. Sources familiar with the matter revealed that the pilot program reflects the government's efforts to gradually adjust its long-standing, heavily subsidized domestic energy pricing mechanism while attracting foreign partners.
