Speaking on national television, Regueiro explained that the general objective of the measures is to create conditions to revive the country’s entire economic performance, and to update the value of the prices of products and goods.

This price rectification, he continued, is expressed in a reduction of subsidies from the State budget and reminded that the implementation of the measures will be progressive and the impacts on the different economic sectors will be evaluated in order to mitigate the effects.

For his part, the Minister of Energy and Mines, Vicente de la O, pointed out that the measures have different objectives.

In the case of fuels, it seeks to eliminate the subsidy to tourism, to regulate commercialization and to allocate income from sales to purchase more fuels.

Meanwhile, the 25 percent increase in the electricity bill for consumers over 500 kWh is intended to promote savings, as one of the ways to sustain the National Electric System and reduce blackouts.

In spite of this increase, the electricity tariff is fully subsidized, the Minister remarked.

De la O exemplified that energy consumption grew 10.8 percent in 2023 compared to 2022, with the residential sector being the largest consumer with 61 percent, while the non-residential sector 39 percent.

He specified that out of the 4,078,909 residential customers, only 107,570 are consumers of about 500 kilowatts per hour.

Referring to the increase in the price of liquefied gas, he pointed out that the objective is to eliminate the subsidy.

oda/tdd