Socialism still has its fans despite the fact it’s failed everywhere and every time it’s been practised.
Its adherents still cling to the myth that it serves the people and its wealthy proponents from the leafy suburbs – Kelsey, De Boni, Trotter, Mau, Campbell et al – should be sent to South America to enjoy its many benefits…Survivor Socialism perhaps ?
Venezuela’s embattled president has announced that he is to increase the price of petrol by 6,000 per cent, as the crippled country struggles to remain afloat economically and politically.
Nicolas Maduro used a rambling five hour televised address to explain the first petrol price increase in 17 years, which came into effect on Friday. Mr Maduro had little choice, with the economy spiralling towards collapse – but knows that he is taking a risk. When the Venezuelan government increased petrol prices in 1989, the Caracazo riots broke out, killing up to 3,000 people.
Venezuela has the largest oil reserves in the world, and still has the cheapest petrol in the world. Prices at the pump for 95 octane gasoline will rise from 0.097 bolívars to six bolívars (66p).
Hong Kong has the world’s most expensive petrol, at £5.55 for a gallon. Until yesterday Venezuela charged 0.5 pence per gallon. Kuwait, the second cheapest place in the world for petrol, charges 68p a gallon, according to the monitoring site Global Petrol Prices. Read more »