Venezuela hikes petrol prices sixty-fold

President Maduro devalues currency and hikes petrol prices for first time in decades in attempt to shore up economy.

Venezuela's president announced a currency devaluation and ramped up petrol prices for the first time in about 20 years on Wednesday in an attempt to shield the country's oil-dependent economy from collapse.

President Nicolas Maduro announced that the pump price of premium gasoline would jump from just under 0.1 bolivars per litre to six bolivars (1.5 US cents to 95 cents) - a 60-fold increase from its current level.
"This is a necessary action, for which I take responsibility," Maduro said in a televised address.
"The time has come to establish a system that guarantees access to hydrocarbons at a fair price but that also guarantees the funding of investment in producing that gasoline