Cuba updates fuel prices starting today

 Long lines at service stations in Havana on Thursday was one of the most visible signs that preceded the implementation, starting today, of the announced nationwide increase in the retail prices of fuels and their commercialization in foreign currency.

Together with the update of electricity tariffs for consumers of more than 500 kWh in the month, this decision is part of the Government's projections to correct distortions and to re-launch the economy.

Although according to opinions in social networks and in multiple scenarios, the scope of such and other measures will have to be further discussed or argued, many Cubans consider them necessary in order to overcome the complex situation faced by the country.

As assured to the press by Mildrey Granadino, first deputy minister of economy and planning, the country is ready to update retail fuel prices as of today, once the computer systems affected by the recent cybersecurity incident have been restored.

Gasoline and diesel will be sold in foreign currency in 30 gas stations, and electronic payment methods are ready in these establishments so that customers do not have any problems, according to Tania Danay Vives Alfonso, economic vice president of Cimex Corporation.

According to Vladimir Regueiro Ale, Cuban minister of finance and prices, an exchange rate of 1 USD x 120 pesos was used as the basis for updating the new retail prices in local currency.

The aim is to correct a distortion evidenced by the fact that while fuel prices have increased internationally, in Cuba the low commercialization rates have affected the income of a group of companies and, consequently, the salaries of their workers.

Now, with the increase in such prices and the currency collected, it is intended to replenish the supply of fuel, whose deficit in the country and its import, which is not free of financial limitations, are a heavy burden on the economy.