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The Cuban government announced an increase in the price of gasoline by more than 500%, effective February 1, as part of a set of economic measures aimed at reducing the budget deficit.
Finance Minister Vladimir Riguero said that the price of a liter of regular gasoline will rise from 25 Cuban pesos (20 US cents) to 132 pesos (+528%), while the price of super gasoline will rise from 30 pesos to 156 pesos (+520%).
The government also announced that foreign tourists will have to pay for gasoline in hard currency.
The Cuban government, which supports almost all basic goods and services, announced at the end of last December a series of measures aimed at reducing the budget deficit, at a time when the country is suffering from a severe economic crisis.
According to official data, the Cuban economy recorded a 2% contraction last year, while the inflation rate rose to 30%.
Source: Agence France-Presse