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Cuba’s Fuel Prices Soar by 500% in Economic Crisis

Havana: 500% increase in fuel prices in Cuba. The new price hike will come into effect from February 1 in the country, which is in a very bad economic condition. A liter of petrol currently costs 25 pesos (roughly Rs. 86.64). From February, it will be 132 pesos (Rs 457.50). The people of Cuba are in a crisis due to the increase in prices, the lack of availability of goods and the large increase in the price of fuel.

Minister Alejandro Gil said that the cheapest fuel in the world is available in Cuba and that the price of fuel cannot be allowed to remain as it is. The government had also increased the prices of gas and electricity on Monday. A 25% increase has been made in the price of electricity. The Cuban people are afraid that there will be a big price increase in the country.

“Compared to other countries, fuel prices in Cuba are low, but compared to the salaries distributed in the country, fuel prices are high here,” said economist Omar Everlane Pers. Officials say the Cuban economy will shrink by 2 percent in 2023, with inflation expected to increase by 30 percent. The Covid crisis and the US embargo have created a severe financial crisis in Cuba.

English Summary:

Fuel price increased highly in Cuba

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2024-01-10 05:08:28

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