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Maduro announced today that he would be making changes to the price of gasoline in the country, a move that is sure to hit the pockets of Venezuelans all around the country.

Speaking during a televised address this afternoon, Maduro said that he had put together a team of experts with the goal of determining a new price for gasoline in the coming days. According to Maduro, the new price for gas could come into effect as early as next week, since he plans to roll it out along with a new set of measures set to take effect on Monday as part of the ongoing efforts against COVID-19.

Maduro indicated that part of the reason for the price increase lays with the fact that Venezuela is now importing gasoline from abroad, and paying in U.S. dollars for it. He said:

The gasoline that we’ve brought in we’ve paid for in dollars, and we should charge for it.

Historically, Venezuelans have enjoyed the lowest gas prices on the planet, costing approximately one cent per gallon in early 2020, making it practically free.

Once a world leader in oil production and refining, the Venezuelan oil sector has been brought to the brink of ruin by years of mismanagement and corruption. That collapse has been exacerbated by US financial sanctions against the country’s oil industry, namely the state-owned PDVSA firm.

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