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(Bloomberg) — Venezuela has started to increase fuel prices at gasoline stations in Caracas as it seeks fresh revenue while reopening its oil industry to foreign investment and boosting output.
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State-controlled Petróleos de Venezuela SA began offering premium gasoline at a handful of stations in the capital, charging roughly double the price of regular fuel. An initial rollout includes 10 stations selling 97-octane gasoline exclusively in dollars, according to two people with knowledge of the plan.
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PDVSA hasn’t released details and didn’t immediately respond to requests for comment. Venezuela lacks an independent institution overseeing PDVSA’s products, making it difficult to assess the quality of the fuel.
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The move underscores the government’s effort to generate new income streams as it courts foreign partners and navigates US policy shifts aimed at reshaping Venezuela’s energy sector, including partial sanctions relief and closer oversight of oil sales.
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Since 2020, Venezuela has operated a dual-pricing system for regular fuel, with a heavily subsidized tier of less than a cent per liter and a higher-priced option at 50 cents a liter, or $1.89 a gallon. At selected PDVSA stations, premium gasoline is now being sold for $1 a liter, or $3.78 a gallon, bringing prices closer to US levels.
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The new fuel is produced at Venezuelan refineries and is meant to offer higher quality after years of mismanagement crippled the country’s refining system and narrowed the range of products available domestically. During periods when Venezuela relied on Iranian imports, drivers complained of clogged fuel filters and vehicle breakdowns.
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Previous attempts to raise fuel prices have faced public backlash. After announcing hikes six years ago, the government rolled back some increases, including for diesel, which is critical for industry and commerce.
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Even with the latest changes, subsidized gasoline and diesel sold at roughly a third of stations remain among the cheapest in the world.
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