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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India cuts fuel prices on back of dive in global crude costs AFP - Saturday, December 6 NEW DELHI (AFP) - - India's government on Friday cut retail prices of petrol and diesel in response to a sharp fall in global crude oil costs and a slowing economy. The government, which imports 80 percent of its crude oil needs to feed its trillion-dollar economy, announced a five-rupee (10 cent) cut in petrol prices and a two-rupee drop in diesel prices would come into effect at midnight. Oil Minister Murli Deora said the cuts were an "interim measure" and the government would watch international prices before deciding on further reductions. The reduction came as Prime Minister Manmohan Singh was expected to announce a fiscal stimulus package Saturday to boost the economy, which has slowed significantly. India's central bank was also expected to lower interest rates Saturday. The reduction represents a 10 percent drop in petrol prices and a six percent decline in diesel prices. Petrol currently sells for 50 rupees a litre while diesel sells for 36 rupees a litre. The government hiked fuel prices twice this year -- in February and June -- in a bid to stem huge losses at state-run oil firms caused by the surge in crude oil prices. Crude prices climbed to a record high of 147 dollars a barrel in July but have since fallen more than 100 dollars a barrel and was trading Friday at a little over 40 dollars a barrel. India's publicly owned oil firms sell fuel at hugely discounted, state-fixed rates to shield the poor from high fuel costs. The price of kerosene, known as the "poor man's fuel", was left unchanged as was the price of liquid petroleum gas (LPG) cylinders, also used for cooking. The fuel price cuts will further lower inflation that has fallen rapidly from a peak of nearly 13 percent in August to 8.4 percent and give the central bank scope for deeper interest rate cuts to boost the economy, analysts say. The ruling Congress-led coalition has been under heavy opposition pressure to reduce fuel prices following the fall in global crude prices. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Biggest months of job gains and lossesAP - 1 hour 17 minutes ago Reds become latest MLB team to hold ticket pricesAP - 2 hours 1 minute ago Stocks turn higher after dismal jobs reportAP - Saturday, December 6 Nissan suspends plan to cut 1,680 jobs in SpainAFP - Saturday, December 6 Related Articles: Business Inflation at 32.7 percent in Venezuelan capitalAP - 31 minutes ago Automakers look to consolidate dealer ranksAP - 34 minutes ago Workers recall the moment they became joblessAP - 37 minutes ago Farmers target EPA report they say might tax cowsAP - 54 minutes ago TOPWRAP 11-US bleeds jobs, markets hope for more stimulusReuters - 58 minutes ago Enlarge Photo India cuts fuel prices on back of dive in global crude costs Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Do not disturb eggs: MP reveals Britain's oddest laws Cruise ship runs aground in Antarctica Fate of auto giants hangs by thread Diamond thieves pull off 100-million-dollar Paris heist Central banks slash interest rates to drive back recession View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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