Cuba reschedules five-fold fuel price hike for March 1

By Thomson Reuters Feb 28, 2024 | 10:06 AM

HAVANA (Reuters) – Cuba`s government said it plans to reschedule an unpopular five-fold increase in gasoline prices for March 1, a month later than initially planned after officials said its systems had suffered a cyberattack.

The problems caused by the late January cyberattack have been resolved, said economy vice minister Mildred Granadillo, allowing the government to move forward with retail price increases at the pump.

Cuba in late December announced a series of measures, including hikes in fuel and public transport prices, which the government says are necessary to narrow a ballooning fiscal deficit.

Critics have attacked the policies as inflationary, ill-timed and lacking incentives for domestic production.

(Reporting by Dave Sherwood)