CARACAS - Venezuelan President Hugo Chavez announced Tuesday that the government will establish a 100-million-Bolivar fund ($23.2 million) to help victims of Saturday's blast at the country's biggest oil refinery.

The blast, which happened at Amuay, part of the Paraguana Refinery Complex in northwest Falcon State, killed 48 people and seriously injured 80 others, besides damaging some 500 houses and businesses in the neighborhood. The ensuing fire raged for more than three days before it was put out early Tuesday.

The explosion, the deadliest refinery accident the country has ever witnessed, occurred as Chavez is campaigning for a third presidential term in the October elections.

Most victims were Venezuelan National Guard members stationed at the facility. Chavez said he wanted "the widows to receive a pension for life and their children scholarships to study".

Chavez said there are already 60 houses available for victim families, adding that 60 others would be ready by the weekend. Another 137 are to be delivered through September.

Officials are still investigating the cause of the accident. A preliminary investigation shows a gas leak led to the explosion at around 1 am local time (0530 GMT) on Saturday.