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Oil price hiked by Venezuela

  • In a move to address Venezuela economy’s recession, President Nicholas Maduro announced devaluation of Venezuelan currency named Venezuelan bolivar and gasoline price hike from $0.01 per liter to $0.95 per liter. This move is being seen as to fend off the mounting ouster calls against his government. The increase is the first in twenty years and will make the gas prices jump more than sixty times.