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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Bolivian president rescinds decree that raised fuel prices AFP - 2 hours 45 minutes ago Send IM Story Print Bolivian president rescinds decree that raised fuel prices LA PAZ (AFP) - – Faced with spreading civil unrest, Bolivian President Evo Morales late Friday rescinded a government decree that significantly raised fuel prices and provoked violent protests that left 15 people injured. Vice President Alvaro Garcia issued the decree on Sunday removing subsidies that keep fuel prices artificially low but cost the Bolivian government an estimated 380 million dollars per year. As a result fuel prices went up by as much as 83 percent in the sharpest increases since 1991. "Answering to the wishes of the people, we have decided to rescind Decree number 748 and other measures that accompanied it," Morales told reporters at the presidential palace. "These decisions will not take effect," the president added. "There is no justification for raising transportation fares or food prices right now. Nor do we want to fuel speculation." Earlier in the day, Morales decided to cancel his trip to Brazil for the inauguration of that country's new president, a government official told AFP. He was presiding over back-to-back government meetings aimed at crafting a strategy for quelling civil unrest in La Paz, Cochabamba and other major Bolivian cities sparked by the decision to remove price controls. Fifteen police officers were injured Thursday in clashes with rock-wielding protesters near La Paz, as major cities in the Andean nation were crippled by a transport strike protesting huge fuel price hikes. Initial reports from El Alto said police officers came under attack by rock-wielding demonstrators and responded by lobbing tear gas. The residential area surrounding the La Paz international airport saw thousands of protesters throwing up barricades across access roads, burning tires and hurling stones at government buildings to vent their anger. The crowds tried to set a monument to Cuban revolutionary hero Ernesto "Che" Guevara on fire, broke the doorway to the vice president's residence, torched highway toll booths and damaged offices of state-run BoA airlines and the Central Obrera union. Morales's palace in La Paz was besieged by angry demonstrators who were also repelled by police using tear gas. The president attempted to stem the growing public discontent late Wednesday by announcing a 20-percent minimum salary increase, but powerful unions and civil groups still promised further strikes, marches and disruptions. Erecting barricades in El Alto as tires and cars burned around her, an unrepentant Patricia Coyo said the poor "suffered the most" with serious knock-on effects such as hikes in transport fares and food prices. "We put him in power, we can also bring him down," the 30-year-old laundry worker told AFP, as protestors waved Bolivian flags and set off firecrackers. "We have to repeal this decree of starvation by this damn government!" Coyo said. Demonstrators muttered the word "treason" to describe Morales's actions, compared him to Venezuelan President Hugo Chavez, his political mentor, and called for immediate elections. Even Morales's strongest base, the coca growers union, voiced their disdain at the price hikes. Union protesters even halted truck routes by barricading a key road linking the country's center to the south. Truckers blocked key intersections with their rigs in Cochabamba, 400 kilometers (250 miles) southeast of La Paz, and Bolivia's economic capital Santa Cruz was also hard hit by a transport strike and demonstrations. Franklin Duran, head of the Confederation of Drivers bus union, called a nationwide strike against the price hike and demanded a 100-percent fare increase. The decision to revoke price subsidies was motivated by their increasing costs. According to economists, the Morales government spent 666 million dollars this past year to maintain fuel prices artificially low. In 2011, the cost of the subsidies was projected to top one billion dollars. Bolivia consumes 35,000 barrels of oil a day, but produces only 4,500. It imports the rest primarily from Venezuela and Argentina and sells it at subsidized prices. 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