MANAGUA, NICARAGUA, JUNE 8 -- The government is raising the price of gasoline by 177 percent starting today as part of a package of economic measures that will increase the price of basic goods and raise the minimum wage.

Officials of the leftist Sandinista government said they were instituting the price and wage hikes to strengthen Nicaragua's economy, battered by five years of war with U.S.-supported rebels. But many Nicaraguans said the 30 percent increase in the minimum wage would not compensate for the price increases.

President Daniel Ortega announced Saturday the government was increasing the minimum wage and raising the price of 54 basic consumer goods. He also said new taxes would be levied soon on capital goods, nonessential consumer items and the sale of some raw materials for agriculture and the construction industry in an effort to reduce the government's huge budget deficit.

{The Central Bank also issued a new denomination banknote, 5,000 cordobas, to cope with inflation, United Press International reported. The bill is worth $71 at the official exchange rate, but only about 70 cents at the black market rate.}

The cordoba, once a fairly stable currency, has been losing value since the Sandinistas seized power in 1979.

The official exchange rate is mostly used by the government to pay for essential imports, such as oil.

On the government-approved parallel market for tourists and businesses, the cordoba is now valued at 5,000 to $1, and the black market rate is 7,000 to $1.

Ortega said the wage hike would be retroactive to June 1 but did not say when the other measures would go into effect or how much they would be.

The government announced Saturday night that the price of gasoline would go up, effective today, to 500 cordobas, $7.14 a gallon at the official rate, but only 7 cents at the black market rate.

The price increases add to the woes of the Nicaraguan consumer, who faces annual inflation currently estimated at 777 percent and the effects of a U.S. trade embargo that has kept many products and spare parts out of the country since May 1, 1985.

Private economists, speaking on condition of anonymity, said the Sandinistas' economic package was put together after the Soviet Union criticized their management of the economy.

The Soviet Union has supplied most of Nicaragua's crude oil for the past three years. A week ago, Nicaraguan officials said Moscow had told them it was cutting shipments by 40 percent, allegedly due to changes in the world oil market. On Saturday, Ortega announced the government was cutting its fuel consumption by 5 percent.

"The gasoline price increase has annulled the salary increase, since transportation rates will also go up and basic products will be even more expensive," Nilo Salazar, general secretary of the Construction Industry Carpenter's Union, said in an interview yesterday.

"We were expecting a salary increase of 80 percent because of the high increase in the cost of living. But the Labor Ministry and the president have decided something else," he said.