Peruvian President Alejandro Toledo Wednesday accused his Venezuelan counterpart Hugo Chávez of making "serious mistakes that tend to destabilize Latin America," as Chávez has interfered in Peru internal affairs in an "inadmissible" way, AFP reported.

"Make no mistake about it, Hugo Chávez is the President of Venezuela; he is not the president of Latin America. I think he may have as many petro-dollars as he wants, but it does not mean he has a right to destabilize the region," Toledo stressed.

For the second time in a week, Chávez on Tuesday made reference to the upcoming presidential election in Peru.

Bilateral relations deteriorated last week when Chávez publicly praised nationalist presidential candidate Ollanta Humala. Tensions escalated on Tuesday, when Chávez called Social Christian presidential candidate Lourdes Flores "a candidate of oligarchy," DPA reported.