Representatives of Venezuela's private oil service companies have proposed the government loosen restrictions on gasoline imports and sales, as the country faces its worst motor fuel shortages in more than a decade.
CARACAS - Representatives of Venezuela’s private oil service companies have proposed the government loosen restrictions on gasoline imports and sales, as the country faces its worst motor fuel shortages in more than a decade.
The proposal faces many obstacles, not least generous subsidies that make gasoline essentially free at the pump in Venezuela, which would complicate efforts by private companies to turn a profit. A 2008 law also reserves activities related to liquid fuel supply, including gasoline transport, to the state.
The push comes after weeks of acute gasoline scarcity, as PDVSA’s refineries produce at less than a 10th of capacity after years of underinvestment and lack of maintenance, and as U.S. sanctions complicate imports.
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