Financial Times FT.com

Venezuelans enjoy costly petrol subsidy

By Benedict Mander in Caracas

Published: June 30 2008 17:03 | Last updated: June 30 2008 17:03

Sipping a cool midday beer on the banks of the mighty Orinoco river, Antonio frowns with distaste as he reminisces about the days when he used to work hard for a living.

With international oil prices soaring and domestic petrol among the most heavily subsidised in the world, he ditched his job at a remote jungle gold mine in southern Venezuela to sell petrol illegally across the river in Colombia.

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