President Nicolas Maduro said pump prices of premium fuel would rise from the equivalent of $0.01 a litre to about $0.60 (£0.40).
The cost of lower grade petrol would rise to about $0.10 a litre.
He unveiled a series measures to help ease Venezuela's economic crisis, including devaluing the currency.
Read More: http://www.bbc.com/news/business-35600921
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