In a televised speech, Maduro said that prices of gasoline must be that of international standards.

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

Presently, Venezuelan citizens enjoy the benefit of subsidized petrol as the country produces fuel.

It helps smugglers buy the fuel in bulk and resell it to other countries at a much higher price.

Venezuela is presently reeling under a nosediving economy. Its inflation rate has skyrocket in the last few years.

However, the price of fuel has remained unchanged.

"Local media report that a cup of coffee costs around 2.2 million bolivars (around $0.50 £0.39 at black market rates). For the same price, you can fill a small SUV with petrol almost 9,000 times," the BBC reported.

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