Venezuela’s heavily subsidized domestic gasoline prices should rise to international levels to avoid billions of dollars in annual losses due to fuel smuggling, President Nicolas Maduro said in a televised address on Monday. “Gasoline must be sold at an international price to stop smuggling to Colombia and the Caribbean,” Maduro said in a televised address. Venezuela, like most oil producing countries, has for decades subsidized fuel as a benefit to consumers. But its fuel prices have remained nearly flat for years despite hyperinflation that the International Monetary Fund has projected would reach 1,000,000 percent this year. Venezuela’s President Nicolas Maduro speaks during a meeting with ministers at the Miraflores Palace in Caracas, Venezuela August 13, 2018. Miraflores Palace/Handout via REUTERS That means […]