Venezuela threatens to slash petrol subsidies

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

    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.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.