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First let me explain what oil bonds are. When Crude Oil prices were at $140+ per barrel, to subsidize and control fuel prices in India, the govt instead of cutting taxes issued Oil Bonds to Oil companies which were to be matured or repayed in 5, 7 or 10 years etc
Hence UPA issued oil bonds worth 1.4 lakh crs outstanding as of2014 to control the fuel prices as crude oil had reached about $140per barrel
Now this wasn’t new.Even NDA1 or Vajpayee also issued Oil bonds btw 1998-2004 which UPA had paid back
All Govt’s make debt which isn’t new
Now after Modi govt came to power in 2014, the crude oil prices fell to $35 in 2015 and was avg $50 till 2018 and $76 as of date. Also, the Modi govt after coming to power increased Central taxes on petrol and diesel by a whopping 105% on petrol and 331% on Diesel.
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