Boris hands back £7m from Ken's oil deal to Chavez

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The money was part of a £16million package in which the Caracas government exchanged cheap diesel for technical advice and assistance. Londoners on income support would have received half-price bus fares.

Mr Johnson said he does not want to do business with president Hugo Chavez. Mr Livingstone said: "Boris Johnson's ideologically-motivated move to cut off technical assistance to Venezuela will cost London a cool £7 million as well as doubling fares for some of the poorest people in the capital."

A spokesman for the Mayor said: "Venezuela, a very poor country, has given London, one of the world's richest cities, some £16 million of which several million has not been used. Boris Johnson feels that this was a morally bankrupt approach."