There will be no cut in excise duty on fuel as of now: Sitharaman
Published By : Prameya News Bureau | August 16, 2021 IST
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New Delhi, August 16: There will be no cut in excise duty on fuel as of now. Exchequer is burdened by interest payments being made for oil bonds floated by UPA Government. The Centre has paid over 62,000 crore in interest in the last five years on oil bonds itself, Finance Minister Nirmala Sitharaman said on Monday. We'll still have to pay interest of Rs 37,000 crore by 2026. Despite interest payments, principal outstanding of over 1.30 lakh crore is still pending. If I didn't have the burden of oil bonds, I would have been in a position to reduce excise duty on fuel, she said. People are right to be concerned. Unless the Centre and states discuss a way out, there is no solution possible to this, she added. UPA Government had reduced fuel prices by issuing Oil Bonds of Rs 1.44 lakh crore. I can't go by the trickery that was played by 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 amd diesel, Sitharaman stated.
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