CARACAS: Venezuela hiked the price of its subsidized gasoline for vehicles and motor bikes, Venezuelan state oil firm PDVSA said in a statement on Saturday.

As of Sunday Oct. 24, a liter of fuel will cost 0.10 bolivars (0.023 cents), equivalent to 95% of the direct subsidy established by the national executive, the company’s restructuring commission said.

The increase also takes into consideration the currency reconversion that took effect this month, removing six zeros from the Bolivar, PDVSA added.

Price increases of subsidized gasoline, which includes a monthly allowance for users, comes amid an acute fuel shortage.

Since June 2020 there have been two gasoline prices in Venezuela; the subsidized cost and another estimated at $0.50.