Oil and Gas: Chavez raises price of gas - to just under 5 cents a litre

Venezuela's President Hugo Chavez has agreed to increase the price of gasoline from 3 U.S. cents to less than 5 U.S. cents a litre. Despite the rise, the price is still the cheapest in the world.

Chavez said the plan to increase gasoline prices would not affect the cost of living, because the price had not been raised in the last eight years. He also rejected opposition warning that the increase could trigger a wave of protests and looting.