Venezuela hikes gas prices for first time in nearly 17 years

February 17, 2016 11:15 PM

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CARACAS, Venezuela (AP) — Venezuela's government is raising gasoline prices sixtyfold — the first increase of any kind in more than 17 years as the country struggles with an economic collapse. Yet drivers will still be able to fill their tanks for pennies.

President Nicolas Maduro announced Wednesday that he was increasing the price of gas as part of a series of measures designed to help with the falling price of oil, which makes up 95 percent of Venezuela's export earnings.

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