Guatemala's Energy Minister Warns of Impending Fuel Price Hikes

Guatemala's Minister of Energy and Mines, Victor Hugo Ventura, has issued a warning regarding a potential increase in fuel costs across the nation. During a recent conference, Minister Ventura underscored the global reliance on petroleum as the primary energy source and explained how fluctuations in its international price directly affect domestic fuel costs. Ventura elaborated on the concept of an 'oil shock,' attributing it to international factors, including the illicit acquisition of petroleum in global markets. This practice, he noted, restricts the availability of oil for importing countries and subsequently drives up prices, impacting economies worldwide, including Guatemala's, which is largely dependent on imported fuel products. The minister reiterated the critical importance for Guatemala to be prepared and to implement strategies to mitigate the effects of these ongoing energy and economic challenges.

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