Venezuela in dilemma over hiking world's cheapest fuel

A man pumps gasoline at a service station in Caracas August 7, 2014. REUTERS/Jorge Silva

CARACAS (Reuters) - President Nicolas Maduro is mulling a politically risky move to raise highly subsidized gasoline prices in Venezuela for the first time in 17 years, but may be put off for now by fears of a social backlash.

With 95 octane gas on sale for less than two U.S. cents a litre most motorists can fill up for under $1 (£0.62) - less than a small bottle of drinking water. Pump attendants often end up with a bigger tip than the cost of the fuel.