Cuba increases fuel prices by more than 500%

Cuba increases fuel prices by more than 500%

HAVANA, January 9. The price of gasoline in Cuba will increase by more than 500% starting February 1, the government announced this Monday.The Cuban Minister of Finance and Prices, Vladimir Regueiro Ale, said on the official television program Mesa Redonda that motor gasoline, B83, for example, will be sold at a retail price of 0.95 dollars or 114 pesos.

In this way, the Cuban government equates fuel prices to the current exchange rate of approximately 120 pesos to one dollar.

Cuba increases fuel prices by more than 500%

Retail fuel prices

Likewise, regular gasoline fuel (B90) will have a value of 1.10 dollars per liter or 132 Cuban pesos in service centers that sell in that currency. Special gasoline (B94) will be sold for 1.30 dollars or 156 CUP.

In the case of regular diesel, the most consumed, it will have a value of 1.10 dollars per liter and 132 Cuban pesos.

For its part, super special gasoline (B100) will cost 1.65 dollars and the retail price in Cuban pesos will be 198 CUP.

The minister explained that the updating of wholesale and retail price levels respond to different dynamics and have different impacts.

Cuba increases fuel prices by more than 500%

Wholesale fuel prices

Previously, the Minister of Energy and Mines, Vicente La O Levy, had announced the end of subsidies in national currency for fuel and the creation of 28 new service centers in dollars, for which new payment methods such as cards or coupons are created.

The official stated that “with this increase in prices what we are trying to do is meet the second objective, which is the regulation of marketing.”

“First, the tourism sector and foreign visitors who come to the country do exchange the foreign currency they bring at 120 x1, however, the price of gasoline is currently at 24 x1.

There we can see the subsidy, to tourism, to abroad, to that person who in the world pays gasoline at 1.30 USD, here pays it at 30 Cuban pesos,” he commented regarding the gap in prices.

However, he warned that even with the increase it will not be possible to guarantee the supply of the service center network.

This increase in fuel is part of a package of measures that include the increase in prices of cigarettes, tobacco, green medicine and basic services such as liquefied gas, water, gas, transportation and energy, among others.

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