As we've reported, the Venezuelan fuel under the resurrected Petrocaribe agreement arrived in country over two weeks ago - and the effect at the pump has just started to be felt - and let's just say, the first impression is not a good one.
The pump price of Diesel went up by one dollar and one cent on Friday morning - bringing it to 11 dollars and 18 cents a gallon in the city.
That's the price of the Venezuelan diesel; it reflects world pump prices which are currently trending higher - and the fact that the previous price of 10.17 per gallon had been artificially low - because PUMA Energy was competing with BNE - which had started to import Diesel.
The Venezuelan diesel is reported to be of a higher grade - but - in an outcome you can file under the law of unintended consequences it's probably not what's being pumped into your tank right now.
And that's because all the dealers knew the price would have to go up - after staying unchanged for months - they stocked up on diesel at the old price - to make a modest dollar a gallon killing on their inventories when prices changed on Friday.
The adjusted price for the Venezuelan regular and premium has not come into effect yet - but regular - at least is also expected to increase by a few cents.
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