The increase would have an immediate and profound impact on Venezuelans’ wallets, directly affecting transportation and trade costs. Photo: Archive
Guacamaya, June 9, 2025. The Venezuelan government is preparing to implement a 50% increase in gasoline prices, which would rise from $0.50 to $0.75 per liter nationwide, according to sources consulted by Bloomberg. The measure, which has not yet been made official, would respond to the imminent decline in oil revenues and the need to attract new strategic partners.
The decision to raise fuel prices comes after the cessation of operations by Chevron and other foreign oil companies, as part of the deepening of international sanctions. The departure of the U.S. oil company would represent a drop of between $150 million and $200 million per month, further aggravating the fiscal crisis and Venezuela’s already diminished oil production.
Amid Western isolation, various official and unofficial sources indicate that China has strengthened its presence in the Venezuelan oil sector. In this regard, Iván Freites, secretary general of the Sole Union of Oil, Petrochemical, Gas and Related Workers of Falcón State (SUTPGEF), has denounced the Asian country’s influence on the price increase and the de facto elimination of the subsidy.
“This is not a Chinese tale! It is the harsh reality of a country that sees its oil industry fragmented and handed over to foreign powers. The occupation of oil zones by foreign interests is a fact, not a warning,” the union movement stated in a complaint shared on social media.
Although the imminent new gasoline price remains low compared to international standards, it represents a 50% adjustment over its previous value. This could significantly and directly affect the Venezuelan population, which has already endured years of hyperinflation and suffered the progressive loss of purchasing power.
Unofficially, it has been reported that the increase has already been applied at some service stations. People on social media have shared audiovisual records of the new price displayed at the pumps. According to journalist Gustavo Azócar, on his X account, internal PDVSA sources have indicated that the increase will be implemented gradually for logistical reasons.
Neither PDVSA nor the Ministry of Petroleum have issued statements on the matter, nor have they responded to Bloomberg’s request for comment.
