Venezuela Plans a 50% Fuel Hike as It Braces for Revenue Slump

Venezuela’s government is laying the groundwork for a 50% hike in fuel prices at the pump as it braces for a decrease in revenues after US oil major Chevron and other oil firms halted work in the country.

State-owned oil Petroleos de Venezuela SA plans to roll out a price increase of $0.25 per liter to $0.75 across states, according to three people with knowledge of the situation.

PDVSA officials have already communicated the price hike to private operators in some states, according to the people. It won’t be enforced though until the government makes the official announcement and publishes ...