Congress-led UPA Govt reduced fuel prices by issuing oil bonds, that burden has come to us: Nirmala Sitharaman

Nirmala Sitharaman revealed that the government has paid over Rs 60,000 crore interest in the last 5 years on these oil bonds 

Finance Minister Nirmala Sitharaman on Monday said that there is no chance of a possible  cut in excise duty on petrol and diesel to ease rates that have touched all-time highs, saying payments in lieu of past subsidised fuel price pose limitations. Earlier, the Congress-led UPA government had issued bonds to state-owned oil companies so that they could clear the difference in the artificially suppressed retail selling price of fuel and the cost. These oil bonds and the interest thereon are being paid now. Sitharaman said the government has paid over Rs 60,000 crore interest in the last 5 years on these oil bonds and there still was an outstanding of Rs 1.3 trillion.