Venezuela's President Nicolas Maduro said Wednesday he would raise the price of gasoline for the first time in 20 years, as he faces growing pressure to ease an economic crisis.

Maduro said in a televised address he would raise the pump price of premium gasoline from its current super-low level of $0.01 to the equivalent of $0.95 at the fixed official exchange rate, in a country where citizens are struggling with soaring inflation.