Venezuela's Paradox: Water Dearer Than Milk, Petrol Cheaper Than Water

• Venezuela, despite having the world's largest oil reserves, sells petrol cheaper than water, with water costing ₹223.70/L and petrol ₹45.10/L.
• President Nicolás Maduro, in power since 2013, was recently arrested by the US after nearly 13 years, following controversial elections.
• Maduro's rule saw hyperinflation, currency devaluation (6 zeros removed), 94% poverty, and a mass exodus of 5-6 million people.
• Economic collapse was driven by over-reliance on oil, corruption, currency printing, and price controls, crippling other industries.
• US sanctions and mismanagement led to a severe clean water crisis and crippled supply chains, making water a luxury.

Why It Matters: Maduro's policies transformed oil-rich Venezuela into an economic disaster, leading to widespread poverty and crisis.