Venezuela will increase fuel prices in June, the president said, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the country has huge oil reserves, production has collapsed and Venezuelans are facing dire shortages — exacerbated by the impact of COVID-19 on the economy. Under the changes, which will come into force on June 1, drivers will be allowed up to 120 liters of gasoline a month and up to 60 liters for motorbikes at a subsidized price of 5,000 bolivars (US$0.025) per liter. Beyond that, individuals will be required to pay international prices. It comes days after Iranian fuel tankers, carrying much-needed gasoline, arrived in Venezuela. “We have decided that 200 service stations will be allowed to sell this […]