Venezuela was considered to have one of the lowest gasoline (oil) prices in the world, with a price of around $0.02 per liter (around PKR 5.96) as of my most recent knowledge update in September 2021. Due to massive government fuel subsidies, supported by the nation’s sizable oil reserves, the government was able to give fuel to its residents at a significantly reduced cost.
The Venezuelan economy was affected both favorably and unfavorably by the incredibly cheap price of gasoline. On the one hand, it helped the populace by bringing down their transportation costs and lowering their cost of life. On the other hand, because of the substantial expenses related to maintaining it, it imposed a pressure on the government’s finances.
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