Video Duration 02 minutes 21 seconds

Venezuela increases petrol prices, ends fuel subsidy

Shock at petrol stations in Venezuela, drivers questioning why they are now paying more.

Oil-rich Venezuela has just introduced a new fuel pricing system that ends decades of highly subsidized petrol prices.

The government is now selling gasoline imported from Iran.

The change has led to long lines and confusion at petrol stations, with many questioning the rise in prices in a country with the world’s largest oil reserves.

 

Al Jazeera’s Lucia Newman reports.