CubitaNOW Editorial ~Tuesday 9 January 2024
The ruling regime in Cuba reported on Monday afternoon (01/08/24) the elimination of gasoline subsidies for the population, as well as liquefied gas, the establishment of higher rates for the sale of fuel to the state sector, and adjustments in the national budget. Electricity rate.
The package had already been announced in late December and Cubans were waiting for the infamous Round Table event to learn the details.
On Monday in the televised space, attended by the Minister of Finance and Prices, Vladimir Regueiro Ale, he specified that there will be an increase in the price of gasoline for the retail sector, that is, the population, which can accommodate the 1×125 dollar exchange rate, which There may also be changes in the coming months.
Its cost for business and budget sector has also more than doubled, this will be considered as wholesale price.
The Finance Minister warned that those providing private, state or cooperative passenger or cargo transportation services will buy fuel at wholesale prices. Measures to increase hydrocarbon prices will come into effect from February 1.
Noting the changes affecting state goods and services companies, the official said “work is being done on updating the financial economic plans of the business system and updating public service rates.”
Therefore, there is already a possibility of increase in the prices of other products in the country.
As for liquefied gas, from March 1 it will be sold at this new updated price (225 pesos) and from the same date the new rate starting at 500 pesos will be applied to the billing of residential electricity consumption for that month. kwH which in this case will be paid in April.
Starting March 1, liquefied gas will be sold at this newly updated price (225 pesos) and the new rate will be applied to the billing of residential electricity consumption for that month starting from 500 kWh in this case. I will pay in April pic.twitter.com/1JB39fGvg6
– Ministry of Finance and Prices Cuba (@finanzasprecios) 9 January 2024
Regueiro Ale said the provisions will be implemented progressively, so they will be continuously evaluated to know the effects on both the economy and the population.