Venezuela crisis: Maduro to raise fuel prices to combat smuggling

President vows to curb fuel subsidies to prevent reselling in neighbouring countries

Venezuela's heavily subsidised domestic fuel prices should rise to international levels to avoid billions of dollars in annual losses as a result of smuggling, Nicolis Maduro has said in a televised address.

"Gasoline must be sold at an international price to stop smuggling to Colombia and the Caribbean," the president said.