It said that from February the price of a litre of petrol would rise from twenty five pesos to one hundred and thirty two pesos.
The government, which subsidizes many goods, hopes this will help to reduce its deficit.
It is the latest measure making life more difficult for cash-strapped Cubans.
Finance minister Vladimir Regueiro said the cost of diesel and other types of fuel would face similar mark-ups.
He also announced a twenty five percent increase in electricity prices for major consumers in residential areas, as well has hikes in costs for natural gas.
Leave feedback about this