Cubans to face soaring fuel prices amid economic crisis

As the Cuban government grapples with severe shortages and a deepening economic crisis, citizens are bracing themselves for a significant increase in fuel prices, set to take effect next month. 

This unexpected development is expected to impact the daily lives of Cubans across the nation, who are already contending with the challenges posed by an economy in turmoil.

Fuel costs skyrocket

Effective February, the cost of a liter of petrol in Cuba will skyrocket from the current rate of 25 pesos to a staggering 132 pesos. 

Finance Minister Vladimir Regueiro indicated that diesel and other fuel varieties will also experience substantial price hikes. 

Electricity and natural gas costs surge

In addition to the fuel price surge, the Cuban government is taking measures to bolster its financial stability. 

Regueiro also announced a 25 per cent increase in electricity prices for major consumers in residential areas, which is expected to weigh on household budgets. 

Furthermore, consumers of natural gas will soon be facing higher costs, further amplifying the financial burden for Cuban households.