Salvadoran President Nayib Bukele has stated that local consumers can capitalize on a $0.20-per-gallon decline in petrol prices, according to a report by CoinTelegraph on Monday.
- The president posted the subsidy via Twitter on Thursday, announcing the news as “positive news for the pockets of Salvadorans.” Bukele insisted that there were no restrictions to the discount and that any individual or company could access the rebate program.
- Bukele further stated that the discount will eliminate “several increases in the international price of fuels” and “reduce transportation costs in supply chains.”
- Meanwhile, some Salvadorans have expressed reservations on whether the subsidy ultimately benefits the public. Twitter user Adan 3840 responded that the 20 cents would come from the citizens of El Salvador.
- Bukele also disclosed that he had authorized a fund targeted to “stabilize” the domestic price of liquefied gas.
The president affirmed that while the international market projected a $1.17 rise in the price of liquefied gas, Salvadorians would benefit from “a slight reduction” in cost. BTCUSD down -1.29%