Ecuador president ends subsidies that hold down fuel costs

QUITO, Ecuador (AP) — Ecuadorian President Lenín Moreno announced an end to government subsidies for holding down fuel prices and said Tuesday night that he will send congress a proposal to overhaul taxes and labor rules as a way to revitalize the economy.
In an address broadcast on television and radio, Moreno said he was eliminating the $1.3 billion subsidy for gasoline and diesel. The move will raise the price of gasoline to $2.30 a gallon from $1.85 and the cost of diesel to $2.