Venezuelan President Nicolas Maduro on Wednesday announced a staggering 6,000 percent hike in petrol prices and a sharp devaluation of the currency to shore up the oil-rich nation’s battered economy. Venezuela, which gets 95 percent of its export revenue through oil, has been hit hard by the collapse in the price of the commodity, which has fallen to $34 a barrel from $90 a barrel two years ago. The move would raise the price of premium gasoline to 6 bolivars a liter from 0.1 bolivar a liter, and regular gasoline to 1 bolivar a liter from 0.07 bolivar. Additionally, starting Thursday, the official exchange rate used ... (full story)