Vastavam web: The union government on Tuesday cut basic excise duty on petrol and diesel by Rs 2 per litre from October 4. Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that fuel prices may come down by Diwali. Petrol and diesel prices have gone through the roof ever since the central government announced daily revision of fuel prices. Petrol price in Delhi on Tuesday was at Rs 70.83 per litre, whereas in Mumbai a litre of petrol costs Rs 79.99. After the excise duty cut, petrol petrol price in Delhi will come down to Rs 68.83, and diesel price to Rs 57.07. The government will incur losses to the tune of Rs 13,000 crore for the remainder of ongoing financial year and Rs 26,000 crore in a full year, said a government statement.