HomeBusinessPetroleum Minister Says UPA Era Outstanding Oil Bonds Hurting Economy

Petroleum Minister Says UPA Era Outstanding Oil Bonds Hurting Economy

Petroleum Minister Says UPA Era Outstanding Oil Bonds Hurting Economy

Petroleum Minister Hardeep Puri has attacked opposition for criticising authorities over gasoline costs

Defending the federal government amid sky rocketing gasoline costs within the nation regardless of worldwide crude charges stabilising, Petroleum Minister Hardeep Singh Puri on Thursday mentioned that round Rs 1.5 lakh crore of oil bonds issued by the Congress-led UPA regime stay excellent, which has restricted the monetary capabilities of state-owned oil firms.

“In ”India’s Lost Decade” known for rampant impunity and policy paralysis, UPA Govt saddled future govts with Oil Bonds. More than Rs 1.5 lakh cr of these remain to be repaid, thus tying up crucial resources, limiting fiscal space & restricting financial freedom of oil marketing companies (OMCs),” he tweeted.

Keeping up with the assault, the minister, who was retaliating to the Congress chief Rahul Gandhi’s cost of the federal government operating on fuel, diesel and petrol (GDP), additional tweeted that “the important exploration and production sector was fund-starved. As a result, our import bill continues to be high. Nearly Rs 3.6 lakh crore profits of oil companies was instead used for price stabilisation by a remote controlled govt of ‘economic experts’ to hide behind a ‘All is Well’ smokescreen”.

Earlier on Wednesday, Mr Gandhi whereas attacking the federal government for climbing gasoline costs, had mentioned that Rs 23 lakh crore has been collected within the final seven years by growing costs of fuel, diesel and petrol, which he alluded to as GDP.

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