Dharmendra Pradhan blames Cong-era debt on oil bonds for fuel price hike

NEW DELHI: Union Petroleum and Natural Gas Minister Dharmendra Pradhan on Wednesday accused the previous UPA regime for fuel price hike stating that Congress had left millions of crores of rupees due on the present government due to which the Centre has to pay both its interest and its price.

Speaking to reporters here today, the Union Minister while responding to a question on protests by the Congress at various petrol pumps across the country against fuel price hike, said, "The economists have recently brought a point to the fore. The Congress, before 2014, had left a debt of lakhs of crores of rupees over oil bonds. Due to this reason, the interest and the principal has to be paid off by the current government. This is also a big reason for increase in oil prices."

He further said, "There has been a rise in the prices of crude oil in the international market. To fulfill the domestic needs, 80 per cent oil has to be imported. This is the main reason for the rise in prices of petrol and diesel."

"I had admitted previously, that the Central and the state governments are utilising taxes for welfare schemes, to provide employment and to undertake development activities. There is nothing to hide in this," added Pradhan.

The fuel prices continue to soar across the country and have crossed Rs 100 in many states.

Meanwhile, Congress will launch an agitation against inflation and rising fuel prices, sources said on Monday.
According to the sources, the Congress party is preparing to hit the streets against the issue of inflation.

To corner the Prime Minister Narendra Modi-led government at the Centre, the top leaders of Congress are likely to make a strategy in the meeting to agitate against the rising fuel prices and inflation. The meeting will be held via video conferencing and start at 10 am.

Recently, Congress held a nationwide demonstration against the high prices of petrol and diesel.