Petrol prices in Venezuela will rise by almost 6,000 per cent after an announcement from President Nicolas Maduro.
The price of a litre of high-quality gas is currently approximately one US cent and will be increasing to 60 US cents.
The move has been described as "aggressive" by some, as Venezuela tries to battle triple-digit inflation and the country's deepest recession in a decade.
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"That's an aggressive hike in fuel prices and it's still the cheapest in the world," Edward Glossop, an economist at Capital Economics who covers Venezuela, told CNN Money.
The increase is the first in almost two decades, with the last change in prices sparking vast protests throughout the country.
"Venezuela has the cheapest gasoline in the world. This is a necessary measure, I assume the responsibility," Mr Maduro is reported to have said before the announcement, according to Bloomberg.
World news in pictures
World news in pictures
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1/30 4 July 2016
Local residents pay their respects to the victims of the attack at the Holey Artisan Bakery at a stadium in Dhaka, Bangladesh. The assault on the restaurant in Dhaka's diplomatic zone by militants who took dozens of people hostage marks an escalation in militant violence in the Muslim-majority nation
AP
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2/30 4 July 2016
A boy stands under an overflowing dam along the Powai lake after heavy rains in Mumbai, India
REUTERS
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3/30 3 July 2016
Mourners react during a funeral of a victim who was killed in a suicide car bomb in the Karrada shopping area in Baghdad
REUTERS
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4/30 3 July 2016
People attend a candle light vigil for the victims of the attack on the Holey Artisan Bakery and the O'Kitchen Restaurant, in Dhaka, Bangladesh
REUTERS
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5/30 3 July 2016
The partially collapsed building of the famed Carlton Citadel Hotel (L), in the government-controlled side of the divided northern Syrian city of Aleppo
AFP/Getty Images
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6/30 3 July 2016
Relatives and friends mourn during the funeral of Israeli Rabbi Michael Mark, who was killed during a Palestinian shooting attack on his car in the West Bank
REUTERS
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7/30 3 July 2016
Iraqis evacuate a body from the site of a suicide car bombing claimed by the Islamic State group in Baghdad's central Karrada district. The blast, which ripped through a street in the Karrada area where many people go to shop ahead of the holiday marking the end of the Muslim fasting month of Ramadan, killed at least 165 people and also wounded more than 130 people, security and medical officials said
AFP/Getty Images
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8/30 2 July 2016
Rescuers save a resident from a flooded area in Wuhan, Hubei Province, China
REUTERS
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9/30 2 July 2016
Lionel Messi fans gather, despite the rain, to show him their support Buenos Aires, Argentina. The rally was organized through social media after Messi announced he's quitting Argentina's national soccer team
AP
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10/30 2 July 2016
People help an injured person after a group of gunmen attacked a restaurant popular with foreigners in Dhaka, Bangladesh
AP
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11/30 1 July 2016
A crowd gathers to watch at Dockweiler State Beach in Playa Del Rey, California, as a dead humpback whale which washed ashore is attemped to be brought back out to the ocean With the scent of the rotting dead whale permeating the air at the beach, workers are attempting to quickly remove the deceased before thousands of beachgoers are expected at Southern California beaches for the July 4th weekend. / AFP PHOTO / Frederic J. BROWNFREDERIC J. BROWN/AFP/Getty Images
AFP/Getty Images
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12/30 1 July 2016
Soldiers carry wreaths as they attend a commemoration event at the Thiepval memorial to mark the 100th anniversary of the Battle of the Somme in Thiepval, northern France
REUTERS
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13/30 30 June 2016
A child leans on the coffin of his uncle, suicide attack victim Hamidullah Safar in Istanbul during his funeral two days after a suicide bombing and gun attack targeted Istanbul's airport
AFP/Getty Images
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14/30 30 June 2016
Activists of right wing religious organisations shout anti-Bangladesh government slogans during a protest rally in Kolkata. Hundreds of activists shouted slogans against the government of Bangladesh to mark their protest against the recent killings of religious minorities, specially Hindus, in the neighbouring country of Bangladesh
AFP/Getty Images
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15/30 29 June 2016
Workers cleaning algae on a beach in Qingdao, east China's Shandong province. The algal phenomenon, an annual occurrence in Qingdao, is usually caused by an abundance of nutrients in the water, especially phosphorus, although the triggers for the enormous blooms which began to appear in the Yellow Sea in 2007 remain uncertain
AFP/Getty Images
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16/30 29 June 2016
Motola, the elephant that was injured by a landmine, wears her prosthetic leg at the Friends of the Asian Elephant Foundation in Lampang, Thailand
REUTERS
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17/30 29 June 2016
A man rides his horse next to a ger near Zuunmod south of Ulan Bato. Mongolians went to the polls across their sprawling, sparsely-populated country as it struggles to benefit from its vast natural resources amid disputes over foreign investment and slumping demand from neighbouring China. It took Mongolian nomad Pagvajaviin Shatarbaatar seven days to get to his polling station to vote in in the general election - accompanied by more than 2,000 sheep, goats and horses / AFP PHOTO / JOHANNES EISELEJOHANNES EISELE/AFP/Getty Images
AFP/Getty Images
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18/30 29 June 2016
A mother of victims reacts outside a forensic medicine building close to Istanbul's airport, a day after a suicide bombing and gun attack targetted Istanbul's airport, killing at least 36 people
AFP/Getty Images
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19/30 28 June 2016
An injured woman covers her face as she is carried by paramedics into ambulance at Istanbul Ataturk airport, Turkey, following a blast. A triple suicide bombing and gun attack has killed at least 36 people, including foreigners, with Turkey's prime minister saying early signs pointed to an assault by the Islamic State group
REUTERS
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20/30 28 June 2016
Caimans swim in an artificial reservoir in the San Jorge cattle ranch near the dried up Pilcomayo river, close the town of Fortin General Diaz, Paraguay. Apart from the lagoon, 18 wells have been dug to secure water sources for the reptiles
AP
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21/30 28 June 2016
Women pose with guns in front of journalists in the Christian village of Qaa, where suicide bomb attacks took place, in the Bekaa valley, Lebanon
REUTERS
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22/30 28 June 2016
French anti-riot police officer detain a man during a demonstration against controversial labour reforms in Paris
AFP/Getty Images
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23/30 27 June 2016
Fishermen use a fire to attract fish on a traditional fishing boat in New Taipei City, Taiwan
REUTERS
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24/30 27 June 2016
Members of Iraqi police forces celebrate on a street in western Fallujah, 50 kilometres (30 miles) from the Iraqi capital Baghdad, after Iraqi forces retook the embattled city from the Islamic State group
AFP/Getty Images
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25/30 27 June 2016
A man pushes a tub carrying children as he gets them back home after school at a flooded area in Duchang, Jiangxi Province, China
REUTERS
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26/30 26 June 2016
A LGBT member waves a rainbow flag during a rally staged by the LGBT community on Istiklal avenue in Istanbul. Riot police fired tear gas and rubber bullets to disperse protesters defying a ban on the city's Gay Pride parade. Authorities in Turkey's biggest city had banned the annual parade earlier this month citing security reasons, sparking anger from gay rights activists
AFP/Getty Images
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27/30 26 June 2016
A burned out truck rests on a roadside after the Erskine Fire burned through Weldon, California
REUTERS
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28/30 26 June 2016
Men flagellate during the Shiite Youm Ali procession in Islamabad, Pakistan
REUTERS
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29/30 25 June 2016
A man raises his hands as he runs from the scene of a suicide bomb attack outside Nasahablood hotel in Somalia's capital Mogadishu
REUTERS
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30/30 25 June 2016
A Ukrainian Forces soldier fires a heavy machine gun during a battle with pro-Russian separatists at Avdeyevka, in Ukraine's Donetsk region
AFP/Getty Images
Mr Maduro also announced a new structure for the exchange rate. One bolivar went from being worth 6 US cents to 10 US cents.
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