Hello friends, today we are going to talk about why petrol rates are increasing and what is oil bond.
What is oil bond ?
The Government of India also adopted Lallan Singh Wala Fund in the year 2005. According to the rules of the Reserve Bank, the government can also issue special bonds to companies. Meaning if the government wants, then instead of cash payment, a company can pay in bonds. It will benefit the government that it will not have to provide cash from its pocket. Fiscal deficit will also be controlled by this. That means the government’s register of debt and earnings will look clean. It also had a political advantage, that the work is going on now, there will be no government later. The government that comes will see it. The government introduced oil bonds in the year 2005. He started paying oil market companies (OMCs) as bonds. These bonds were issued for a fixed period. Oil companies had the freedom to sell these bonds to banks, insurance companies etc. during the period. If needed, she can also deal with her financial troubles. This was the time when oil was subsidized. Meaning whatever the rate in the international market, the government used to control the rate according to its own.
In the event of economic disparity, governments take oil from oil producing and exporting countries and issue oil bonds to them. This means that “after the maturity of that oil bond, the government will pay them the price of that oil with interest”.
Why increase petrol rate ?
Until 2014, the Congress government under his rule had been taking oil from Iran without paying any money, and had an outstanding bill of about $ 6.5 billion. When the Congress government came out of power, this payment was to be made to the next government i.e. Modi-led BJP government.
Not only this! Rather, the Congress was not paying oil to other oil exporting countries and Congress was issued oil bonds worth two lakh crores in lieu of the value of the oil, the interest of which is 70 thousand crores. Now 70 thousand crore rupees have to be given to the BJP government. This is why oil rates are increasing
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