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As South African motorists reel from record-high fuel prices, Venezuelan motorists have been paying $0.01 for petrol.
That's soon to change as the South American country's president introduced strict measures to curb smuggling. We've included a list of the most expensive and cheapest fuel prices globally at the end of this article.
Combat smuggling
President Nicolas Maduro said Monday (August 13) that some of the world's cheapest petrol that Venezuelan drivers enjoy will soon be sold at world market prices to combat rampant smuggling.
Maduro said he wants to stop Venezuela's subsidized fuel from crossing illegally into Colombia and other neighboring countries. He said the smuggling costs Venezuela billions. It's part of Maduro's plan to overhaul an imploding economy, in which inflation is expected to top 1000 000% this year.
Filling up a tank of fuel in socialist Venezuela today costs less than one US cent.
Maduro says Venezuelans showing their government-issued identification card at the pump will still be able to buy subsidized gasoline. He gave few other details of the planned changes.
Many Venezuelans who oppose Maduro's government refuse the identification card.
SEE: SA's record high petrol price got you down? Here's how much Southern African neighbouring countries pay for their fuel
SA's record petrol price hike:
