The Cuban government has decided to raise fuel prices by 500%. According to an announcement issued by the Cuban government, the fuel price will be raised as follows, effective February 1st.
The Cuban government has explained to the people that this decision had to be taken as one of the steps to reduce the budget deficit. Apart from fuel prices, electricity tariffs will also be increased by 25%.
International economic experts point out that Cuba, which has a population of 11 million and has been affected by American sanctions, is currently facing the worst economic crisis since 1990.
Inflation in Cuba has also risen rapidly. Economists have pointed out that by increasing fuel prices by 500%, inflation will worsen. (AFP)
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