New prices of regulated products to be effective on March 1

Venezuelan Executive Vice-President Elías Jaua said that the new prices of the items whose prices were frozen in November following enforcement of the Law on Fair Costs and Prices will be effective on March 1.

Jaua also said that the government is willing to review prices, in those cases where the companies show that the price set (by Venezuelan authorities) is not feasible. "They (the companies) will be entitled to argue in their favor, to produce evidence against the proposed value. If we consider that the arguments are convincing, we would be willing to review" the prices, Jaua said.

Jaua added that the government has only "reduced costs that are not considered accounting costs in any part of the world, such as income tax, discounts that are charged as part of the cost structure and other serious irregularities."