Cuba to hike fuel prices by 500%

The Cuban government has announced plans for a significant increase in fuel prices amidst ongoing shortages and economic challenges. Starting February, the price per liter of petrol will increase from 25 pesos to 132 pesos. This decision comes as part of a broader set of measures outlined in December by the government, which subsidizes the majority of basic goods and services for its citizens, aimed at reversing the country's economic crisis. Official estimates indicate that Cuba's GDP contracted by up to 2% in 2023, with inflation closing at 30%.