Posted 1/10/2024, 1:55:22 AM
Cuba Raises Fuel Prices Fivefold, Sparking Inflation Fears
- Fuel prices in Cuba to soar 500% from February 1st, causing fears of worsening inflation
- Gasoline to rise from 25 pesos to 132 pesos per liter, diesel from 30 to 156 pesos per liter
- Price hike meant to curb shortages and ensure stable supply, per Energy Minister
- Tourists will now pay for fuel in foreign currencies
- Central Bank considering adjusting exchange rate against US dollar, which has already been devalued twice since 2021