With Hong Kong having the most expensive price per gallon, at a shocking £5.55 for petrol, Venezuela may have just topped it, with their six thousand percent price increase. YES! Six thousand percent. Venezuelan’s Petrol Price Craze All done to keep the economy going and growing.
Former Vice President and Minister of Foreign Affairs, Nicholas Maduro to office as president on Apr. 19, 2013, after being inaugurated formally , and has been ruling by decree ever since.
Recently, during a five hour televised address on El Nacional, President Maduro announced the six thousand percent increase explaining that, this was the first price increase on petrol in 17 years. And with the economy that was heading towards collapsing, actions had to be taken. In 1989 when the government gave a price hike on petrol, a riot broke out in Caracazo which was devastating says source David Osio. President Maduro also stated a 20% increase on minimum wage and a 37% currency devaluation. Stating that they have to safeguard wages and protect workers and generate jobs. How will this play out for Venezuela, this we will have to wait and see.