India Cuts Retail Fuel Prices Second Time in 2 Months

India cut retail fuel prices for the second time in less than two months after crude oil prices extended their slump amid a global recession.

Gasoline prices will be lowered by 5 rupees (10 U.S. cents) a liter, diesel by 2 rupees a liter and cooking gas by 25 rupees a bottle effective midnight, Oil Minister Murli Deora said today. Gasoline currently costs 45.62 rupees a liter in the capital, New Delhi, diesel 32.86 rupees and cooking gas 304.70 rupees a 14.2 kilogram bottle, according to the Web site of Indian Oil Corp., the nation’s biggest refiner. MORE...