Economically struggling Venezuela hikes gas prices, devalues

February 18, 2016 1:36 AM

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CARACAS, Venezuela — President Nicolas Maduro announced a currency devaluation and gasoline price hike Wednesday in an attempt to shield Venezuela’s oil-dependent economy from collapse and fend off mounting calls for his ouster.

Gas prices will jump more than sixtyfold — the first increase of any kind in about 20 years. Yet drivers will still be able to fill their tanks for pennies in this South American country where gasoline has long been so heavily subsidized that it is virtually free.

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