More than five times as much: Cuba announces drastic increase in gasoline prices This is how billionaires try to defend their assets – it’s harder than before

The price of gasoline in Cuba will increase dramatically from February 1. The price of a liter of regular gasoline will rise from 25 Cuban pesos to 132 Cuban pesos, Finance Minister Vladimir Regueiro announced on Monday.

According to the official exchange rate, this corresponds to $1.10. From February, a liter of premium gasoline will cost 156 Cuban pesos, more than five times the current price. According to the government, foreign tourists will be able to pay for petrol with foreign currency in the future.

The worst economic crisis since

Communist-ruled Cuba is currently experiencing its worst economic crisis since the 1990s. Even the official figures, which are known to be glossed over, paint a bleak picture: annual inflation is at 30 percent, according to the government, and the economy will shrink by about 2 percent in 2023, according to Cuba’s economy minister.

The Caribbean island nation has been subject to an extensive US embargo since 1962.

The government, which subsidizes almost all essential goods and services, announced a series of measures at the end of December to reduce the budget deficit. (lak/sda/afp)