The Labour leader (pictured today on a visit to Newport) has been a strong supporter of the Venezuelan revolution and heaped praise on Mr Maduro's predecessor Hugo Chavez for 'helping the poor'

Venezuela's leader - a key ally of Jeremy Corbyn - has today unveiled plans to hike fuel prices as his country is in the grip of total economic collapse.

Nicolas Maduro's hard left policies have plunged the oil-rich country into turmoil with inflation on course to hit one million per cent this year.

The Labour leader has been a strong supporter of the Venezuelan revolution and heaped praise on Mr Maduro's predecessor Hugo Chavez for 'helping the poor'.

The country has fallen into economic collapse while political opponents have been rounded up and imprisoned.

But as the nation has been hit by street riots, the Labour leader has refused to single out Mr Maduro's regime for criticism - saying only that he condemns violence 'on all sides'.

And today Mr Maduro's regime has spelled out plans to sell fuel at world market prices in a move which will send the price soaring domestically.

Currently it costs less than one US cent to fill up a tank with petrol in Venezuela.

But Mr Maduro said the prices will now be hiked and only those with a card authorised by the Government will be able to get fuel.

Critics have torn into the plan saying that it is a way of controlling people in Venezuela by rationing their oil.

People who want to keep benefiting from subsidized gas prices in this oil-rich nation must register their vehicles by Friday using the so-called 'carnet de la patria,' or fatherland card, which provides access to government assistance.

Nicolas Maduro (pictured last week in Venezuela) has ushered in hard left policies which have plunged the oil-rich country into turmoil with inflation on course to hit one million per cent this year

Mr Maduro said: 'Anyone who does not respond to the call for this census, who does not wish to participate in the direct subsidy, will have to pay for gasoline at the international rate.'

Mr Corbyn is facing a fresh storm of controversy after The Daily Mail exclusively published photographs of the Labour leader holding a wreath near the graves of Palestinian extremists linked to the Munich massacre.

Eleven Israelis were held hostages and murdered by members of the Black September terror group at the Olympic games in 1972.

Tory MP Michael Fabricant told MailOnline that the upheaval in Venezuela show that Mr Corbyn's economic policies would spell disaster for Britain.

He said: 'Corbyn’s economics are as vague as his recollection of laying a wreath to the murderers of Israeli athletes at the Munich Olympics.

'Both are equally frightening.'