Venezuela Raises Gas Prices 6,000% To Tackle Its Economic Crisis

CNN: Venezuelans face a 6000% hike in gasoline price

For two decades, Venezuelans have paid just pennies at the pump.

But on Wednesday, President Nicolás Maduro announced that they'll soon be paying a lot more.

Before the announcement, a liter of high-quality gas in Venezuela cost about 10 centavos or one U.S. penny. Now it costs 6 bolivars or about 60 U.S. cents -- a 6000% price increase.

"That's an aggressive hike in fuel prices and it's still the cheapest in the world," says Edward Glossop, an economist at Capital Economics who covers Venezuela.

Read more ....

WNU Editor: From 2 cents to 85 cents a litre .... with inflation being what it is, this increase will only have a minimal impact.

More News On Venezuela Raising Its Gas Prices 6,000% To Tackle Its Economic Crisis

Venezuela president raises fuel price by 6,000% and devalues bolivar to tackle crisis -- The Guardian
Venezuela raises petrol price for first time in 20 years -- BBC
Venezuela raises gas prices 6,200% -- Business Insider
Venezuela increasing oil prices, minimum wage to battle shrinking economy -- UPI
Venezuela hikes fuel price -- DW
Venezuela increases 2-cent petrol prices to 85 cents a litre -- ABC News (Australia)
Venezuela Hikes Fuel Prices By 6,000%, Devalues Currency To Tackle Economic Crisis -- IBTimes
Petrol pump pain: Venezuelan gasoline prices jump 6,000% -- RT
Venezuela Taking Tiny Steps Toward Fixing Economy -- AP
Venezuela releases dire economic data as measures seen insufficient -- Reuters
Venezuela Tries to Prop Up Crumbling Economy -- WSJ