El Salvador announced $0.20 reduction per gallon on petrol when paying with BTC

Salvadoran President Nayib Bukele has announced that local users can enjoy a $0.20-per-gallon reduction in petrol prices when paying, using the Chivo wallet.

El Salvador announced $0.20 reduction per gallon on petrol when paying with BTC

Describing the news as “positive news for the pockets of Salvadorans,” the president announced the subsidy via Twitter.

Bukele emphasized that there is no limit to the discount and that any local person or company can access the rebate. He added that the discount will erase “several increases in the international price of fuels” and “reduce transportation costs in supply chains.” 

Alongside the news, Bukele also revealed that he has authorized a fund intended to “stabilize” the domestic price of liquified gas. The president asserted that while the international market had planned a $1.17 rise in the price of 25-pound cylinders of liquified gas, Salvadoran locals will experience “a slight reduction” in cost.

He added that the government will absorb the increase for one year only, noting any reductions in global gas prices will also be passed on to consumers during the period.

Under the leadership of Nayib Bukele, El Salvador became the first country to legally recognize Bitcoin as legal tender on Sept. 7. Later that month, Bukele claimed that one-third of Salvadorans were already using Chivo less than three weeks after its launch.
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