A single US dollar can buy 3.5 million liters of gasoline in Venezuela

In Venezuela’s inflation-hit economy, a single US dollar can buy 3.5 million liters of gasoline — an absurdity that the government says it will tackle with a hike in the cost of state-subsidized fuel.

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But just how far can President Nicolas Maduro go without getting his fingers burned?

– Subsidized gas –

Maduro announced on July 29 plans to adjust the price of gasoline and regulate sales based on the so-called “fatherland card,” an electronic card that provides access to subsidies. As a first step the government began a census of motor vehicles, set to end on Sunday.

A liter of 91-octane gasoline currently costs one bolivar, while 95-octane gas costs six. By contrast, a single egg in Venezuela’s hyperinflation ravaged economy — estimated by the IMF at one million percent in 2018 — costs 200,000 bolivars.

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