Cuban Communist Party canceled this year's May Day celebrations due to a gasoline shortage that is hurting the island nation's economy, The Guardian reports.

The Cuba's president, Miguel Diaz-Canel, said the island received only two-thirds of the needed gasoline and the shortage is due to suppliers failing to fulfill their contractual agreements.

Supplies of better quality crude from Venezuela, Cuba's largest supplier, have fallen by 50% in recent years.

Analysts say Venezuela experiences serious problems of its own and is struggling to subsidize its socialist ally.