Venezuela's National Assembly is set to outlaw profiteering in the country's auto industry next week, according to the Bolivarian News Agency.

The measure aims to end the practice of dealerships inflating the price of new cars far above the price set by domestic manufacturers, the agency reported.

The move has been prompted by a shortage of cars in the face of high consumer demand.

Reports say that reduced domestic production due to a shortage of foreign currency to pay for imported parts has caused market demand to outstrip supply.