No respite from high petrol, diesel prices; FM Sitharaman blames Rs 1.3 lakh cr UPA oil bonds for high taxes

Even as petrol and diesel prices in India have not been revised by OMCs for the last one month, more than half the country has petrol at over Rs 100-a-litre mark. Finance Minister Nirmala Sitharaman clearly stated that there will be no cut in excise duty on fuel as of now, saying the government has to pay for the oil bonds issued by the UPA government in the past. “I can’t go by the trickery that was played by the previous UPA government. Due to oil bonds, the burden has come to our government, that’s why we are unable to reduce prices of petrol and diesel,” FM Sitharaman said, blaming the previous Manmohan Singh-led UPA government.