June 1 marked a day of changing times in Venezuela. The price of gasoline in the country has been among the lowest in the world for decades, and in recent years, currency depreciation has made the resource practically free.
The COVID-19 pandemic has caused a historic drop in demand for petroleum products. In addition to reduction of fuel use for air and sea transport, on-road passenger travel has been impacted as consumers are driving significantly shorter distances and less often.
Global gasoline prices fell this quarter compared with our data from six months ago. Oil prices hit a recent high in early October but have fallen sharply since. US crude, for example, had its weakest month in a decade as the price plummeted 22% in November.