In the present financial year 2021-2022, the government has increased the price of petrol 39 times and decreased once, while the diesel price was increased 36 times and decreased twice. In 2020-2021, the price of petrol was raised 76 times and reduced 10 times and that of diesel increased 73 times and decreased 24 times.
Nevertheless, the Finance Minister Nirmala Sitharaman says that she would not be able to slash excise duties anytime soon quoting the load of UPA-era oil bonds. She declared that the Union government has to assume the liability of payments in lieu of oil bonds issued by the UPA government to subsidize fuel prices and a substantial amount of money is going for interest payment and principal settlement.
The truth is even the NDA government under Atal Bihari Vajpayee also issued oil bonds. So if finance minister continues singing the same song and blame UPA government for oil bonds load, surely the math does not bear out her. Rather she should try to reach out States and make a sincere effort to include all petroleum products in the GST ambit.
The price of petrol and diesel has sustained at record high and people across the country are experiencing its pinch. Nevertheless, the Finance Minister Nirmala Sitharaman recently mentioned that she would not be able to slash excise duties on prices of petrol and diesel anytime soon quoting the load of UPA-era oil bonds. Of late, she declared that the Union government has to assume the liability of payments in lieu of oil bonds issued by the UPA government to subsidize fuel prices and a substantial amount of money is going for interest payment and principal settlement.
This story is from the September 2021 edition of Indian Economy & Market.
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This story is from the September 2021 edition of Indian Economy & Market.
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