Fuel pricing: Finance minister Nirm Sitharn blames UPA’s oil bonds



NEW DELHI: Accusing the UPA of “trickery”, finance minister Nirm Sitharn on Monday said the Modi go nment was paying for the Rs 2.5 lakh crore liability of oil bonds.


“If I did not have the burden to service the oil bonds, I would have been in a position to reduce excise duty on fuel… Previous go nment has made our job difficult by issuing oil bonds,” the minister told reporters, adding that when the NDA came to power in 2014, it should have released a white paper on the liabilities inherited by it.


While many saw the FM’s comment as an indication of the Centre’s inability to pare taxes on petrol and diesel, at least for the time being, Sitharn maintained that she was “not suggesting anything” on changing the levies.


The remark triggered a strong retort by the Congress, which accused the Centre of increasing taxes on auto fuel and pocketing Rs 4.5 lakh crore during the last fiscal year.


Sitharn, however, said that in 2013, taxes on fuel were “apparently brought down” but oil companies were made to bear the burden of oil bonds of around Rs 1.4 lakh crore, with taxpayers having to repay the de t for several years. Interest liability over the period is estimated at around Rs 1.1 lakh crore, according to estimates available with the finance ministry (see table).


The final tranche of oil bonds is due for repayment in 2025-26. “Modi 2.0 is paying for the price reduction of 2013. The central go nment reduced prices, put the burden on oil companies and went away,” she said.


Accusing the go nment of “falsehoods”, Congress spokesperson Randeep Singh Surjew tweeted: “Don’t lie. Oil Bonds of 1.3 lakh CR are not even due for payment so far… Till April 2021, payment made on Oil Bonds is ?3,500 CR only, yet (yo)u falsely hold UPA responsible!”

国大党发言人Randeep Singh Surjew在推特上指责印度政府“撒谎”:“不要撒谎。到目前为止,1.3万卢比的石油债券还没有到期,到2021年4月,石油债券只还了350亿卢比,然而你却让国大党背锅!”



thank god you have not blamed the British. how long you will be blaming cong



Super Roads

reduce the fuel prices by 60% ,Dont fool the people who are already suffering from pandemic since last 16 Months'




This dumb finance minister thinks people are also dumb like her to believe whatever she says!. How come she is fooling people so blatantly?. We all know that UPA issued oil bonds of 1.4 lakh crores payable over a period of 5 to 20 years to lighten the impact of high crude prices.





Feku Takla

Blame Nehru, blame Gandhi and now blame UPA, shameless jumla and their corrupt netas



Nikhil Jeswani

Yes, in order to pay for Rs 2.5 Lac crore liability GOI is pocketing Rs 4.5 Lac crore through petroleum levies every year. Sounds like this liability can be paid off in 7 months. Nirm Sitharn is fooling the citizens or she doesn’t even know elementary math. Namo go nment has failed the country and put unsustainable tax burden on the middle class. Now, blame Nehru for this.




Gvt earning 100 lakh crore on fuel and crying for 2 lakh crore oil bonds.

And modi increasing taxes as soon as ion over. Our fuel rate is highest in world





does this go nment have any shame to blame congress go nment shame shame



Common Man

Even after seven years they still blame previous go nment for their own failures. They collected extra 20 lakhs crore in last seven years by way of increasing excise duty on petrol and diesel.



Not God

Oil prices are not BJP's problem. People are wasting too much energy driving around for no reason..



Siddhart Sharma

let's move to ric



Super Roads

'Edible oil prices are also at the highest level ,where is the price control mechanism and whats the use of de acy when its for the people ,by the people and fool the people overall in terms of inflation''




Enough ma'am bored of same excuse, try out something new.




There is nothing new, it is the human tendency of any individual to blame others of their inept handling of the situation or at the time of crisis.



Sheik Mohamed

It has become an habit for BJP to blame previous re gies for each and everything which is happening in our nation. How can they shirk their responsibilities by putting previous re gies always?



Venkit Rnan

as per BJPall problems India face today is because of Congress...



Humanity comes first

Simple funda for this inefficient FM to blame Congress for her every failure.



mohit pathak

6 years back Feku openly said due to Lower Crude Oil Prices Indian Economy will become Robust & Helpful for prosperity of India & Indians. Will Feku expn today how & how much India with Indians have prospered,though Gov Of Feku have loed 12 Lakh Crore Rupees with 37 times revision of Excise Duty & other Cess on Petroproducts? Why Gov of Feku don't express thanks to MMS Regime sincerely?




mohit pathak

Feku Gov Can not touch the toe of MMS for Economic Crisis Management




Everytime they keep pointing fingers to either earlier go nment or some other or something. Now they are in power and what is that they do to avert any crisis than being helpless and pointing fingers. sad state of affairs




well prome Electric vehicles then. give GST waiver there .Oil prices is always going to be volatile and plus we import them so lets prome ric vehicles. Govt should offer GST waiver or registration waiver to get people especially working youth to buying them


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