Fuel Distribution Boss Jailed on Suspected Corruption

Venezuela arrested an oil ministry official in charge of overseeing the domestic fuel market on suspicion of corruption, the state prosecutor's office said in a statement on Friday.

 

The official, Nubia Parada, will be brought to court in the coming hours, the statement said, without providing additional details of what she is accused of.

 

The OPEC nation's gasoline is so heavily subsidized that one gallon costs just $0.02 at the strongest official exchange rate. That has created a lucrative business for smugglers moving fuel across the border to neighboring Colombia.

 

President Nicolas Maduro this month said Venezuela needs to raise fuel prices to limit losses to state coffers which are estimated at around $12 billion per year.

 

The prosecutor's office did not respond to requests for further details.