Finance Minister Sitharaman said that the UPA government issued Oil Bonds to reduce the prices of petrol and diesel. Modi government cannot cut prices by using this wrong method.
The common man is badly troubled by the skyrocketing prices of petrol and diesel. Not only this, due to the increase in the cost of transportation due to the increase in diesel prices, the prices of everyday items have also increased. In such a situation, there is a continuous demand to cut the prices of petrol and diesel. Meanwhile, Finance Minister Nirmala Sitharaman today explained the reason for not cutting the prices of petrol and diesel. He said that the previous Congress-led UPA government is responsible for the skyrocketing fuel prices.
‘UPA government issued oil bonds worth 1.44 lakh crore’
Finance Minister Sitharaman said that the UPA government issued oil bonds worth Rs 1.44 lakh crore to reduce the prices of petrol and diesel. . The Narendra Modi government at the Center cannot cut fuel prices by using the wrong method used by the UPA government. Union Minister Sitharaman said that the burden of oil bonds issued by the UPA government has come on the Modi government. That’s why we are not able to cut the prices of petrol and diesel.
UPA Govt had reduced fuel prices by issuing Oil Bonds of Rs 1.44 lakh crores. I can’t go by the trickery that was played by previous UPA Govt. Due to Oil Bonds, the burden has come to our Govt, that’s why we are unable to reduce prices of petrol & diesel: FM Nirmala Sitharaman pic.twitter.com/8zMJoLRFmZ
— ANI (@ANI) August 16, 2021
‘There will be no reduction in excise duty’
Union Finance Minister Sitharaman said that people are worried about the rising prices of petrol and diesel. It is right for people to be worried. However, until the Center and the states discuss, no solution will be found to reduce the prices of petrol and diesel. He said that there will be no reduction in excise duty on petrol and diesel. He also explained the reason for not cutting the excise duty.
‘Interest payment of Rs 70,195 crore done in 5 years’ The
Finance Minister said that the exchequer is heavily burdened by the interest payment being made for the oil bonds issued by the UPA government. So far, the government has paid interest of Rs 70,195.72 crore only on oil bonds in the last five years. By the year 2026, we still have to pay 37 thousand crore rupees. He said that even after payment of interest, principal amount of more than 1.30 lakh crore is outstanding. Had we not been burdened with oil bonds, we would have been in a position to reduce excise duty on fuel.
