परवेज़ M Profile picture
Sep 10, 2018 7 tweets 4 min read Twitter logo Read on Twitter
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.
So due to hike in taxes on Fuel prices, Modi Govt collected about 10 Lakh crores in taxes in which as per Oil Minister Pradhan, the govt has already paid the dues related to Oil Bonds. Even after paying for the dues of 2 Lakh crores, govt made about 8 Lakh crores in taxes which
makes room for cut in taxes in petrol which is about 19.48 rupees per litre and for diesel it is about 15.33 rupees per litre.
They don't even have to control the prices like UPA had to do or issue bonds. All they have to do is cut the huge taxes
Instead of cutting taxes,Modi govt is giving stupid excuses of Oil bonds etc

Oil Bonds issued by Vajpayee– timesofindia.indiatimes.com/business/india…


Debt of Modi as CM- timesofindia.indiatimes.com/india/Gujarats…

10Lakh crs revenues- thehindubusinessline.com/economy/policy…

Oil Bonds already paid

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