India has cut the price of gasoline and diesel by more than a third in a bid to rein in soaring oil prices.

India has cut the price of gasoline and diesel by more than a third in a bid to rein in soaring oil prices. The move, which brings the price of a gallon of crude oil to about $90, will bring down the cost of the two fuels by more than $1 a gallon, the Economic Times reports. India is a net oil importer and the move is expected to bring in around $15,000 in extra revenue per month for the government, which has been heavily criticized for not doing enough to reduce the nation's dependence on oil. The cut in fuel prices is part of an effort to cut the country's dependence on crude oil, which has caused a spike in oil prices in recent years, the Times of India reports. The country's oil minister says the move will bring in about $15 million a month in extra revenue for the government. "We are trying to reduce our dependence on oil," he says.