Venezuela's increase in oil prices during a period of limited sales

 
Venezuelan President Nicolas Maduro announced in a televised speech on May 30 that starting in June, the country will implement new gasoline prices and supply methods. Regular cars will be limited to 120 litres of petrol a month, motorcycles to 60 litres, and prices will rise to 5,000 bolivars per litre (1:197,615 for the dollar versus the glass val). Buses, freight vehicles and diesel vehicles are exempt from the purchase restrictions. At the same time, 200 international gas stations will be set up nationwide to sell gasoline at international prices with no limits. Vehicles exceeding the use limit can be refuelled at an international petrol station at the international price of $0.50 per litre, which only accepts US dollars and petrodollars.
 
In his speech, Mr. Maduro said that gasoline prices were still very low, costing about 200,000 bolivars (just over $1) to fill a typical family car, but 180,000 bolivars to buy a soda.
 
Venezuela had been unable to import additives and other parts of equipment used to process gasoline because of U.S. sanctions, resulting in a shortage of domestic gasoline supplies. Last month Iran sent five oil tankers and exported 1.53 million barrels of gasoline and additives to Venezuela to ease supply shortages.
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