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‘Union government is paying for UPA’s petrol price cut’: Finance Minister Nirmala Sitharaman

New Delhi: Union Finance Minister Nirmala Sitharaman said that the Narendra Modi government is paying for the liability of oil bonds during the time of Manmohan Singh government.

‘ 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 government has made our job difficult by issuing oil bonds’, said she.

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‘We should have released a white paper in 2014 listing out all that we inherited from the previous government. Oil bonds were a big part of that. The previous govt had reduced to prices but that burden had to be taken by the Oil Marketing Companies (OMCs) through these oil bonds’, said Nirmala Sitharaman.

Sitharaman said that as of 31 March, 2021, there was Rs 1.31 lakh crore in outstanding principles and Rs 37,340 crore in interest yet to be repaid on these oil bonds.


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