CARACAS — Venezuela’s government on Monday rejected a petition to launch a recall referendum on President Nicolas Maduro, two days after he threatened to take over idle factories and jail their owners.

Maduro said Saturday that he might take the actions under an emergency decree that gave him expanded powers in the face of Venezuela’s deep economic crisis.

Opposition leaders have warned the embattled leader that if he tries to block a recall referendum, the society could ‘‘explode.’’

Venezuela’s economic crisis has become so severe that it has raised fears of a government collapse. It is suffering from multiple financial woes, including rampant inflation and low prices for oil, the cornerstone of its economy.

Opposition politicians two weeks ago began the recall process by submitting a petition they said was signed by 1.85 million people.

But Vice President Aristobulo Isturiz ruled out a referendum, the BBC said Monday. He said the opposition had “acted too late, had done it wrong, and had committed fraud.’’

Some lawmakers had said they were not hopeful that the referendum would be held because the National Electoral Council is made up of government loyalists. In addition, for the referendum to be successful, an equal or greater number of voters than those who elected Maduro would have to approve removing him.

Speaking to supporters in Caracas on Saturday, Maduro ordered ‘‘all actions to recover the production apparatus, which is being paralyzed by the bourgeoisie.’’ He also said businesspeople who ‘‘sabotage the country’’ by halting production at their plants are at risk of being ‘‘put in handcuffs.’’

Last month the country’s largest food and beverage distributor, Empresas Polar, shut down its last operating beer plant. It says it has been unable to access hard currency to buy raw materials. Maduro accuses Polar and others of trying to destabilize the financially stricken country by exacerbating shortages of goods from foodstuffs to medicines to toilet paper.

Demonstrations were held in the capital Saturday for and against a bid to recall the president. Maduro opponents demanded that the National Electoral Council rule on the validity of the signatures collected in favor of the referendum and allow it to move forward.