State-owned oil Petroleos de Venezuela SA plans to roll out a price increase of $0.25 per liter to $0.75 across states, according to three people with knowledge of the situation.

Venezuela will increase fuel prices in June, the president said, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free.

Gulf Coast refiners, including Valero and Phillips 66, are seeking to resume imports of Venezuelan heavy crude.

Venezuela's President Nicolas Maduro, arrives for an official welcoming ceremony at the Saadabad Palace in Tehran, Iran, Saturday, June 11, 2022. (AP Photo/Vahid Salemi) ...