Venezuela threatens to slash petrol subsidies

Socialist President Nicolas Maduro announces plans to raise petrol prices in effort to save $12.5bn annually.

Last updated: 15 Aug 2014 10:57
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Venezuela has announced plans to raise the country’s petrol prices, currently the lowest in the world, in an effort to shore up billions of dollars.

Suffering from the world's highest rate of inflation, the government of Socialist President Nicolas Maduro believes the price hike could save an estimated $12.5bn annually.

But the plan could create a backlash, as deadly riots broke out in 1989 at the possibility of a price hike.

Al Jazeera's Lucia Newman reports from Caracas.


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