Rising petrol and diesel prices in India have created an atmosphere of anger among the public. By catching this issue, the opposition parties like Congress, Aam Aadmi Party, Shiv Sena, or any other parties, all seem to be cursing the Modi government. However, the thing to think about is that why the Modi government is being surrounded by this.
After all, does the Modi government have any role in the rising prices of petrol and diesel or is this issue something else.
Today there are no crossroads in the fact that the rising prices of petrol and diesel are touching the seventh sky. Even in many states, petrol has crossed 100 rupees per litre. That is why Congress is repeatedly targeting the Modi government. But, the most important thing here is that Congress’s Rahul Gandhi should ask Manmohan Singh himself instead of asking Modi the answer. After all, what did he do in his time, for which India is still facing the punishment?
What is Oil Bonds?
Congress is engaged in protests across the country regarding the petrol prices today, In fact, the biggest reason for this is himself. Because to date, Congress has only tried to mislead the people. The reason for the rising prices of petrol or diesel is only Oil Bonds, which were started by Congress. And the reality of Oil Bonds has been kept hidden from the people till date.
Some people may be surprised to know that the Oil Bonds were not started by the Modi government but by the Manmohan Singh government. Oil bonds are the security that governments give to oil companies in exchange for cash subsidies.
How does Congress issue Bonds to oil companies?
■ Means during the Congress government, some bonds were issued to crude oil companies to control the rising prices of oil and not to increase the retail prices of petrol and diesel. This means ‘we cannot give you a subsidy, but still you do not increase oil prices, for this we are issuing you bonds, which we will pay back gradually’.
This means, when crude oil became expensive, its entire burden was not passed on to the public, but subsidy was arranged. And in exchange for this subsidy, OIL Bonds were issued to Oil companies, and the period of oil bonds was 10 to 20 years. Even if it sounds good to the people, but it proved to be the biggest weapon for any country, whose punishment India is suffering till today.
According to the oil bonds scheme, the earlier UPA government had refused to give subsidies as well as refused to increase the price of oil. And to compensate for this, UPA Government started issuing bonds, which they will gradually payback in the years to come. That’s why the public became happy at that time and oil companies too. But this gave more profit to the oil companies because they knew, they were going to get their money with interest.
And its effect was visible on the country using oil bonds seriously. However, it can also be said that at that time the government had done all this only to remain in power. The Modi government is still suffering the result of such Gandhi politics of Congress.
Therefore, the oil bonds distributed during the time of Prime Minister Manmohan Singh, now the Modi government has to pay with interest.
How much Central governments have to pay for Bonds?
Earlier, the government had issued oil bonds worth Rs 1.30 lakh crore. And these bonds will have to be paid by the Central Government from 2021 to 2026. Even in 2021 itself, the central government will have to pay an interest of Rs 20,000 crore.
According to the current Minister of Finance and Corporate Affairs of India Nirmala Sitharaman:
1. This year, the Central Government will have to pay for bonds worth Rs 5000 crore between October and November.
2. After this, in 2023, the Indian government will pay the bonds of Rs 22,000 crore.
3. Bonds worth Rs 40,000 crore will have to be paid in 2024.
4. And, the Indian government will pay 37,000 crores in 2026.
Why Manmohan Government/ UPA Government subsidise the petrol and diesel price?
In 2010, the Manmohan Singh government decontrolled the price of petrol or diesel. This means, at that time the prices of diesel and petrol were increasing, but the Manmohan Singh government had given a subsidy to the rising price of crude oil. And all this was happening because of the issue of oil bonds.
This attempt of the Congress government was only to maintain its power in India. And because of the greed of such power, the Modi government has to compensate for the damage done by Congress.
Although the government had already had this apprehension that even if his government lost in the coming elections, the next governments would have to compensate for it. And the payment of oil bonds will go into the hands of the coming governments.
Therefore, from 2010 to 2014, the scheme like subsidy, controlling price, was started by the Manmohan Singh government, the result of which is being suffered by the people till date.
At that time, the government had fixed the price of petroleum for the public, but now this payment has to be made from public money only with interest. In today’s time
Oil bonds are making an impact in the common life of the public as well. And the reason for the increase in the price of petrol and diesel is only these oil bonds, which the Modi government will have to pay now and till 2026.