Gasoline from 1 to 84 cents

- Venezuelans always enjoyed the hefty subsidies on gasoline. Only one cent per liter they pay. President Nicolas Maduro, however, the price increased to 84 cents per liter.

The price was not increased in twenty years. The increase to take effect on Friday, comes the worldwide low oil prices and the consequent rising deficits. In Venezuela, oil accounted for 96 percent of exports.

This action may lead to violent protests in an unstable country where citizens are struggling with rising inflation and shortages of basic commodities such as cooking oil and toilet paper. A similar increase in the price of gasoline in 1989 led to deadly riots. Quot; This is a necessary action, for which I take responsibility , Maduro said in a speech on television.

An agreement with Saudi Arabia, Russia and Qatar to freeze the level of oil production Maduro is the first step in creating a major oil deal. He has also called for a new alliance between OPEC and non-OPEC countries to stabilize oil prices.

In January Maduro declared the economic emergency in Venezuela. The announcement came two days after that oil prices had dropped to the lowest in twelve years.