Government promises to bail residents out of rising fuel prices – RT Business News


Nicaraguan authorities must cover 70% of increase to contain high prices

Nicaragua’s government announced on Friday that it would not raise fuel prices, despite surging global markets amid the crisis in Ukraine.

Instead, the authorities will absorb 70% of the increase in gasoline and diesel prices, while leaving the prices of liquefied petroleum gas without any adjustment, as the latter is essential for most Nicaraguan families, who use it to prepare food.

The measure aims to keep the consumer prices of these fuels at a manageable level and to mitigate the impact of the global increase in fuel prices on the economy of national households.

READ MORE:
Ukraine conflict could trigger food riots in poor countries – WTO

For now, the announcement only covers the period up to April 2, but the government said it will closely monitor global fuel markets and adjust policy accordingly.

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