LatinNews Daily - 10 January 2024

In brief: Cuba raises fuel, transport prices

*Cuba’s minister of finance & prices (FFP), Vladimir Regueiro Ale, has announced that Cuba will raise the retail price of fuel as of 1 February, with the cost of a litre of regular gasoline increasing to CUP132 (US$1.10) from CUP25, while the price of premium gasoline will rise to CUP156 per litre from CUP30. The announcement is in line with an economic stabilisation plan unveiled last month by the Communist government as part of efforts to revive the island’s flagging economy, which remains affected by the impact of the coronavirus (Covid-19) pandemic, US economic sanctions, and devastation wreaked last year by hurricanes, among other things. Last month Economy Minister Alejandro Gil said Cuba’s GDP could contract by 1-2% in 2023, (having previously forecast GDP growth of 3%) although he forecast 2% growth for 2024. As well as the announcement regarding increases in fuel prices, the government yesterday announced major increases in domestic airline tickets and inter-province bus fares. For example, the price of an inter-city fare from Havana to Santiago de Cuba province would rise from CUP255.00 to CUP717.00. However, fares within cities will not be affected.

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