FACT CHECK: Fuel Prices High as Modi Govt Repays Congress Govt's Oil Bond Debts?

A social media post claims that the Modi government at the Centre is having to repay the oil bond debts incurred by the previous Congress-led UPA government, alluding to increasing fuel prices in the country. We check the veracity of the claim in this video.

[rajbhars]

As of March 31, 2021, there was Rs 1.31 trillion in outstanding principal and Rs 37, 340 crore in interest yet to be repaid on these oil bonds, as per Narmala Sitaraman. I must ask why 2005 and 2010's Manmohan governments issued a promisory note to oil companies to compensate them annually to offset losses that they suffer? Why goverment should keep shielding consumers from rising crude prices in a country of ever growing car numbers?

[srikanthgladiator]

"ONLY" one lakh bla.bla.bla crores 😂

[sideprince]

its really a lousy video and this video is poorly designed. Its not even close to any educational video. When you de deregulation of commodity (Fuel) the demand and supply will ensure the prices dont go out of control. When price is high you will use wisely and when its low, we use more. Previous government never pushed on alternative fuels like wind, solar, ethonol, CNG and hybrids. Remember Petrol and diesel is imported, wind, solar, CNG etc is made in India or its cheaper then other fuels. We need EV two wheelers close to the cost of a normal petrol vehicle and many subsidy has been given to EV manufacturers. Now thats along term solution which is happening. when you give a conclusion please refer to what is happening on ground.