{"id":1450100,"date":"2024-01-11T15:10:00","date_gmt":"2024-01-11T20:10:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1450100"},"modified":"2024-01-11T15:10:00","modified_gmt":"2024-01-11T20:10:00","slug":"cubans-prepare-for-500-fuel-price-hike-amid-economic-crisis","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/cubans-prepare-for-500-fuel-price-hike-amid-economic-crisis\/1450100\/","title":{"rendered":"Cubans Prepare For 500% Fuel Price Hike Amid Economic Crisis"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">Cubans Prepare For 500% Fuel Price Hike Amid Economic Crisis<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Cubans-Prepare-for-500-Fuel-Price-Hike-Amid-Economic-Crisis.html\"><em>Authored by Charles Kennedy via OilPrice.com,<\/em><\/a><\/p>\n<p><em>The government of Cuba has announced a 500% increase in fuel prices beginning on February 1.<\/em><\/p>\n<p><em>The Cuban government can no longer afford its massive subsidy campaign for nearly all essential goods.<\/em><\/p>\n<p><em>Officials confirmed on Monday that the cost of one liter of regular gasoline would increase from the current 20 cents to $1.10.<\/em><\/p>\n<p><strong>The government of Cuba has announced a 500% increase in fuel prices beginning on February 1, as the nation suffers its worst economic crisis since the 1990s,<\/strong> with Cubans now readying themselves to weather what is being called a humanitarian crisis.\u00a0<\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/2024-01-10_mo5vy7gcl0.jpg?itok=HO0KX1cy\"><\/a><\/p>\n<p>The Cuban government can no longer manage a massive subsidy campaign that puts subsidized prices on nearly all essential goods and services.\u00a0<\/p>\n<p><em><strong>\u201cThe country can not maintain the price of fuel, which is the cheapest in the world,\u201d <\/strong><\/em>media cited Economy Minister Alejandro Gil as saying on Monday.\u00a0<\/p>\n<p><a href=\"https:\/\/english.elpais.com\/economy-and-business\/2024-01-10\/cuba-increases-price-of-gasoline-by-over-500-in-the-midst-of-the-crisis.html\">Officials confirmed<\/a>\u00a0on Monday that the cost of one liter of regular gasoline would increase from the current 20 cents to $1.10, while special gasoline would increase from around 25 cents to $1.30.\u00a0<\/p>\n<p><strong>Additionally, there will also be a 25% increase in electricity prices along with a hike in natural gas prices.\u00a0Prices for water, public transit and gas canisters will be increased.\u00a0<\/strong><\/p>\n<p>Cuba\u2019s GDP contracted by between 1% and 2% last year, and the country is having difficulty importing basic goods with a fiscal deficit around 19% and official inflation pegged at 30%.\u00a0<\/p>\n<p>With price spikes set to go into effect in two-and-a-half weeks,\u00a0<a href=\"https:\/\/www.reuters.com\/world\/americas\/cubans-brace-impact-gasoline-prices-set-soar-2024-01-09\/\">Reuters<\/a>\u00a0reports that <strong>Cubans are lining up at gas stations for extra fuel at lower subsidized prices.\u00a0<\/strong><\/p>\n<p>The fuel hike increases will bring the cost of filling a 40-liter tank with gasoline to the equivalent of around $23, compared to an average monthly state salary of less than $16. Reuters also reported that the government would open 29 fuel stations that accept payment only in dollars, creating the potential for \u201cprivileged access to gasoline\u201d.\u00a0<\/p>\n<p><strong>For Cubans, 2023 was characterized by major power blackouts and long lines to purchase fuel, with February 1 expected to add another jolt to struggling consumers.\u00a0<\/strong><\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Thu, 01\/11\/2024 &#8211; 10:10<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/energy\/cubans-prepare-500-fuel-price-hike-amid-economic-crisis\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/energy\/cubans-prepare-500-fuel-price-hike-amid-economic-crisis<\/a>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cubans Prepare For 500% Fuel Price Hike Amid Economic Crisis Authored by Charles Kennedy via OilPrice.com, The government of Cuba has announced a 500% increase&#8230;<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1450100","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1450100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1450100"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1450100\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1450100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1450100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1450100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}