The Venezuelan government subsidizes the price of gasoline at more than 90 percent, said Hugo Chávez and stated that such assistance is only to “fight against inflation, to protect the people of the speculation”. However, he stressed that the intention is to reduce oil consumption and use more natural gas to move local vehicle fleet.
The president sayings were ratified by the chairman of the state oil company Pdvsa, Rafael Ramírez, who also added that Venezuela lost about 1,500 million dollars a year for a subsidy to gasoline, reported local newspaper El Mundo.
“We must begin to reduce gasoline consumption. The government is subsidizing more than 90 percent of what gasoline really costs,” insisted Chávez. Moreover, Ramírez had previously said that Venezuela will attempt this year to reduce its domestic consumption of oil by at least 100.00 barrels per day (about 17 per cent).
