The Cuban government has announced a five-fold increase in fuel prices as it struggles with shortages and a deepening economic crisis.
It said that from February the price of a litre of petrol would rise from twenty-five pesos to one hundred and thirty pesos.
The government, which subsidises many goods, hopes this will help to reduce its deficit and this is the latest measure making life more difficult for cash-strapped Cubans.
“These measures are aimed at reviving our economy,” Mr Regueiro told state television on Monday.
Finance minister Vladimir Regueiro said the cost of diesel and other types of gasoline would face similar mark-ups announcing a twenty-five percent increase in electricity prices for major consumers in residential areas, as well as hikes in costs for natural gas.