Water Costs More Than Milk And Petrol! What Are Everyday Prices In Venezuela Today?

Last Updated:January 07, 2026, 13:07 IST

Nicolas Maduro's tenure is believed to have transformed Venezuela into a deeply troubled state where national resources were diverted to sustain political control

In Venezuela, 5 litres of petrol can cost roughly the same as a single litre of bottled water.

Venezuela has once again become a subject of global discussion, particularly after the reported US arrest of President Nicolas Maduro. This is the nation that holds the world’s largest proven oil reserves. Petrol here is cheaper than water; in fact, five litres of petrol can cost roughly the same as a single litre of bottled water. Even the price of milk comes as a surprise.

Now, let’s take a look at the price list.

In Venezuela, packaged drinking water is now costlier than both milk and petrol. Analysts say US sanctions and the prolonged conflict have severely disrupted sanitation facilities and supply chains. Despite being oil-rich, access to clean drinking water has turned into a luxury.

By 2021, hyperinflation had rendered Venezuela’s currency, the bolivar, almost valueless. To purchase basic items such as a kilogram of chicken or even toilet paper, citizens often had to carry piles of currency stuffed into bags. In August 2021, the government was compelled to remove six zeros (000,000) from the currency to simplify everyday transactions.

Starvation and Migration

Reports from 2021 suggested that nearly 94% of the population was living below the poverty line. Many Venezuelans were forced to search for discarded food in garbage bins. By then, an estimated 5-6 million citizens had fled the country, seeking refuge in neighbouring nations such as Colombia and Brazil.

Arrival of US Dollar

The year 2021 marked the informal entry of the US dollar into Venezuela’s economy. As the national currency collapsed, the government relaxed restrictions on dollar transactions. The dollar-based pricing visible in 2026 largely began during this phase.

Although petrol remains cheap today, refinery breakdowns and US sanctions in 2021 led to weeks-long queues for fuel. Ironically, despite having massive oil reserves, Venezuela was forced to import petrol from countries like Iran. Just five years ago, the country was on the brink of becoming a “failed state", where money had virtually no meaning.

How long has Maduro been in power?

Nicolas Maduro first assumed the presidency of Venezuela in April 2013 following the death of his mentor, Hugo Chavez. After winning a tightly contested election that year, Maduro solidified his leadership of the socialist government and maintained control for nearly 13 years, presiding over a period of deep economic collapse, political repression and mass migration. His lengthy rule came to an abrupt end this week with his reported capture by US forces in Caracas.

Maduro’s presidency was marked by repeated controversy. Both the 2018 and 2024 elections were widely criticised by international observers as lacking transparency and credibility, with many countries refusing to recognise their legitimacy. Maduro’s opponents and several foreign governments accused his administration of manipulating electoral processes to remain in power.

Why Maduro’s rule is blamed for Venezuela’s collapse

Under Maduro’s leadership, Venezuela’s economy deteriorated from one of Latin America’s most promising to one of its most troubled. Analysts and international reports point to multiple interconnected failures that compounded long-standing structural weaknesses in the economy.

Venezuela’s economy has been heavily dependent on oil revenue for decades. Under Maduro, this reliance deepened as other sectors such as agriculture and manufacturing were neglected. When global oil prices fell in the mid-2010s and production infrastructure deteriorated from lack of investment, export earnings collapsed, shrinking national output and public resources.

Corruption and decline of PDVSA

Venezuela’s state oil company, PDVSA, once a source of national pride, became increasingly politicised. Experienced managers were replaced by political loyalists, and the company was tasked with non-oil social programmes, undermining its operational capacity. As a result, oil output plunged sharply, contributing to shortages of basic goods and foreign currency.

Hyperinflation and monetary collapse

Venezuela experienced one of the most extreme cases of hyperinflation in modern history, as the government resorted to printing vast amounts of currency to finance spending amid dwindling revenues. Prices surged, wages lost value, and savings evaporated, pushing millions into poverty and hardship.

Price controls and supply shortages

In an effort to control living costs, Maduro’s government imposed rigid price controls on essential goods. While intended to make basic items affordable, these policies discouraged production and investment, leading to widespread shortages, long queues for food and essential items, and a thriving black market.

To retain power amid growing public discontent, Maduro’s government cracked down on opposition voices, restricted media freedom and suppressed protests, drawing repeated criticism from international human rights organisations. United Nations investigations and independent human rights groups documented patterns of arbitrary detention, harassment of political opponents and curbs on civil liberties.

Neglect of the migrant crisis

During the height of Venezuela’s crisis, more than seven million Venezuelans fled abroad in search of food, security and opportunity. The government dismissed these mass departures as politically motivated, even as economic conditions worsened and the humanitarian situation grew more severe.

In effect, Maduro’s tenure transformed Venezuela into a deeply troubled state where national resources were diverted to sustain political control rather than to stabilise the economy or improve public welfare.

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