1 / 9Diwali 2021 is expected to see a big drop in fuel prices and bring cheer to citizens. This is because the government may decide to reduce excise duty on petrol and diesel. This will be the first such cut since the Corona pandemic.2 / 9The government's goal is to stem rising crude oil prices. This will reduce petrol and diesel prices. The prices of both fuels are increasing day by day. Along with petrol, diesel has also seen a huge increase.3 / 9Sources said a reduction of Rs 2 to 3 per liter in excise duty is likely to be announced to curb petrol and diesel price hikes.4 / 9Petrol price has gone up by Rs 30-35 since last January and Diesel prices have gone up by Rs 26 to Rs 30.5 / 9This has left a hole in the pockets of the common man. Rising fuel prices have also pushed up prices of other items like cooking oil and vegetables. It is likely that the announcement of reducing fuel prices will be made before Diwali.6 / 9The reduction in tariffs on two petroleum products has been discussed anew. But no concrete decision has been taken yet. 7 / 9If this cut is implemented, it will reduce the government's revenue by Rs 25,000 crore a year. A reduction of more than Rs 2 could lead to a reduction of Rs 36,000 crore in revenue.8 / 9A reduction of Rs 3 in excise duty would be a major reduction in petrol and diesel prices. Oil companies can also play a role. It is trying to bring diesel below Rs 100 and petrol around Rs 100.9 / 9Without tariff cuts, the government could get more than Rs 4.3 lakh crore in fuel revenue. The budget was estimated at Rs 3.2 lakh crore. In 2011, the government earned more than Rs 4 lakh crore from the petroleum sector.