Under an order from the Ministry of Finance and Pricing, a 1.3 gallon container of cooking oil that used to sell for $11.50 can be had for $9.80, labor newspaper Trabajadores reported. A 7-pound container of tomato pure formerly worth $8.70 now goes for $7.00.
“The measure also includes tools and pneumatic and electrical equipment, all with the goal of enhancing sales to independent workers,” the article said.
Although the initiative targets private businesses, the same prices will apply for anyone making bulk purchases.
The government, which currently employs 80 percent of the labor force, plans massive layoffs, although those plans have been put on hold.
Many entrepreneurs have complained about a lack of access to a wholesale market or to credit, as well as high tax rates. Cuba has said it plans to extend loans but details have not been released.
The government fixes prices and, while some products are heavily subsidized and discounted, many other imported goods go for more than double their value elsewhere.