Venezuela president raises fuel prices by 6,000%

Venezuela President Nicolas Maduro announced the first rise in petrol prices in 20 years and a sharp devaluation of currency amid a flailing economy hit hard by falling oil prices.

Prices will jump as much as 6,068 percent for 95 octane gasoline, or 1,300 percent of 91 octane starting Friday.

The over 6,000 percent increase means a bump in prices from 0.097 bolivars to 6 bolivars for gas.

The official exchange rate used for food and medicine imports will weaken to 10 bolivars per dollar from 6.3 starting today.

According to The Guardian, 95 percent of the country's foreign income comes from oil sales.

Read more from The Guardian.