Modi government is paying for UPA era fuel subsidies, says FM Nirmala Sithraman
NEW DELHI: The government has once again blamed the United Progressive Alliance (UPA) government’s oil bonds for higher prices of petrol and diesel. “Narendra Modi government is paying the price of UPA-era subsidies on petroleum goods,” said Finance Minister Nirmala Sithraman when asked if the government is planning to cut excise duty on petrol and diesel.
The finance minister said that the Narendra Modi government has so far paid Rs 60,205 crore in interest on oil bonds issued by UPA prior to 2014, and the total principal outstanding is Rs 1.31 lakh crore which has to be repaid by 2025-26. According to the finance ministry, an additional Rs 37,340 crore in interest will have to be paid between 2021-22 and 2025-26.
