Bolivian President Rodrigo Paz announced the end of state diesel subsidies, shifting the country to a unified pricing model to help resolve chronic fuel shortages, Reuters reports.
Bolivia imports roughly 90 per cent of its diesel, and the government spends approximately $55 million weekly on subsidies, according to Paz.
“Starting today, diesel will cost what it costs us to buy abroad,” Paz said, citing rampant fuel smuggling and black-market reselling as key drivers of the weekly deficit.
