Fuel shipped from Iran began arriving at Venezuela’s gasoline stations on Saturday, just hours before President Nicolas Maduro announced higher prices at the pump that are set to end more than two decades of almost-free gasoline.

As authorities in the country with the world’s cheapest gasoline got ready to expand retail sales under a system combining subsidies and international prices, the fifth cargo of an Iranian flotilla approached the Caribbean Sea and is expected to reach Venezuelan waters on Sunday, according to Refinitiv Eikon.

Of 1,800 stations in Venezuela, about 240 have remained working since Maduro announced coronavirus-related lockdown measures in March, which included restrictions on fuel sales due to very low inventories.

More than 1,500 stations nationwide are expected to work in the coming days under the new system, which includes monthly quotas for vehicles and motorcycles, automated sales and monitoring equipment. Despite the price increases, it will cost about $1 to fill a whole tank of a vehicle under the subsidy.

After reaching the quotas, drivers will have to pay internationally indexed prices.

Last updated on Sun., May 31, 2020.