Well, in decimals, it's easier to see.

1/100 = 0.01
2/100 = 0.02 or 1/50 = 0.02
If a frame lasts .02 seconds, it's longer than a frame that lasts .01 seconds. :D
So the longer the frame lasts, the slower the change between frames. BUT you have to take how many frames you have into consideration.
If you have the same number of frames, say 100, at .02 seconds, it's going to last 2 seconds before going back to the beginning and starting over.
Those same frames at .01 seconds are going to last 1 second. So the animation is going to be moving faster, even though the individual frames stay in place longer.
In other words, the longer the delay, the slower the animation. :D
Unless I'm all messed up and wrong. But I don't think so. :D