Are UPA Oil Bonds responsible for high fuel prices?

Recent ga perigina petrol prices ki manam entha shock ayyamo andariki telisindhe. Dhaniki karanam enti enduku intha ekkuva ga penchi prajalani ibbandi peduthunnaru ani present unna government ni padhey padhey question chesthunte dhaniki NDA government cheppina samadhanam previous UPA government time lo oil bonds ni issue chesaru, vatini repay chesthunnam dhani vallane ani chepthundi. Opposition kuda serious ga condemn chestondi.

Kani idhi entha varaku nijam? Asalu ee oil bonds ante enti? UPA government ee oil bonds ni issue cheyadam vallana asalu ippudu enduku prices increase chesaru?

Veeti annitiki samadhanam ento artham kavali ante modhati nundi antha telsukundham.

What are Oil bonds?

Basically 2005 lo UPA government oil marketing companies (OMCs) ki subsidiaries anedhi provide chesedhi. Ante for example appudu petrol price 60 rupees ithey 55 rupees ki prajalaki ivvandi, ah migilina 5 rupees government cover chesthundi ani annadhi. Ee government subsidies dwara prajalaki fuel prices anevi fair ga vundela chesindhi. Kabatti OMCs ah 5 rupees ni sales nundi recover cheyalevu. So OMCs under recovery (loss ki technical term, Purchase and selling price ki difference ani kuda cheppochu) lo undevi. Ante nothing but ah 5 rs ni recover cheyaleka povadam.

So, government cash lo kakunda ah 5 rupees ki worth ina oil bonds ni ichedi. Dhaniki karanam cash lo isthey government ki aa year lo expenditure anedhi inka perigipothundi. Automatic ga revenue deficit vacchesthadi and government ki financial pressure anedhi untundi ani. Andukani ee oil bonds aney concept ni teesukocchindhi. Oil bonds are nothing but special type of government bonds. 

So, direct at a time money ivvadam kakunda oil bonds ni introduce cheyadam valla pressure anedhi kontha varaku taggindhi. Idi oka accounting principle. Ee oil bonds lo every year interest anedhi kaduthu vacchindhi. Eppudu ithe ee oil bonds mature avthayo appudu ee oil bonds ki principal money pay cheyali. So, aah bonds ippudu konni mature avvadam jarigindi. 

Basically ikkada jarigedhi enti ante for example manam loan teeskuni oke sari money anedi pay cheyamu kadha plus surety kosam edhoka property ni ela ithey peduthamo same oil bonds kuda ala act chesthay. 

Deregulation of fuel prices

Initial ga 2005-2010 varaku oil bonds issue chesina kuda 2010 taruvatha ee oil bonds ni issue cheyadam discontinue chesindhi. Dhaniki karanam 2010 taruvata petrol prices ni deregulate chesaru. Deregulation ante enti ante inka government fuel prices ni determine chesi set cheyadhu. Only market value batti matrame prices ni determine chesi prajala mundhu ki teeskostharu.

So, ala 2010 lo petrol price anedhi deregulate indhi. And 2014 lo diesel price anedi deregulate indhi. Anduku government subsidiary provide cheyadam apesindhi. Government price ni decide cheyalenappudu enduku inka subsidiaries provide chesi ane question raise ayyi inka ee oil bonds ni issue cheyadam apesindhi . 

Coupon rate

eppudu ithe ee oil bonds ni batches ga issue chestharo vatiki same coupon rate anedhi untundhi. Ante bond issue chesina vallu pay cheyalsina interest rate annamata.

So, for example 2006 lo issue chesina oil bonds ki ah year antha same coupon rate untundhi. Alage 2007 lo same coupon rate. So, ikkada ye year lo issue chesina oil bonds ki ah year antha same coupon rate untundhi. Aah particular year lo enni oil bonds issue chesina kuda coupon rate anedhi same untundhi. 

OMCs holding the oil bonds

Ee oil bonds once issue chesaka OMCs veetini hold cheskuntayi until ah oil bonds anevi mature ayyevaruku. Once mature ayyaka vatiki return valla principal amount anedhi tirigi government nundi collect chesukuntayi OMCs. Ee oil bonds ni hold chesukodame kaka veetini market lo trade cheyadaniiki kuda permission undhi OMCs ki. Vere purchasers ki kuda ee particular bonds ni sell chesukovacchu.

For example banks. Banks anevi ee oil bonds ni konadaniki ready ga unte konukkuni ee bonds ni banks hold chesukuni ee bonds mature ayyaka money anedhi ah time lo ruling lo unde Indian government nundi collect cheskovacchu. 

Current issue

So, ippudu present jaruguthunnadi enti ante 2005-2009 period lo 1.4 lakh crore worth oil bonds ni UPA government issue chesindhi. Takkuva price ki prajala mundu ki fuel supply cheyadam kosam. 

Ah time lo issue ina bonds ippudu mature ayyayi. So, NDA government adhi repay cheyalisi undhi. So far interest ga 70,195.72 crores repay chesindhi. Inka around 37,000 crores interest pay cheyalisi undhi 2025-2026 lopu. So ikkada chuskunte interest okate 1 lakh crore rupees annamata.

NDA government already mature ina 2 oil bonds ni repay chesindhi. Okko oil bond worth 1,750 crores. So total 3,500 crores pay chesindi. And remaining Principal amount 1.3 lakh crore rupees worth oil bonds inka pay cheyalsi undhi NDA government. So, ippudu NDA government inka memu aah interest and principal amount pay chesthunnam andhuke petrol prices tagginchadam kudaratledu ani NDA government antundhi. 

Ilanti bonds ni introduce cheyadam mana Indian governments ki emaina kottha?

Assalu kadhu. Mana India lo ee oil bonds okate kadhu, chala rakala bonds ni issue chesindhi government. UPA government e kadhu anthaku mundu tarvta kuda chala governments chala rakala bonds ni propose chesindhi. Inthaku mundu fertilizer bonds aney bonds undevi. Recent ga kuda 2017 and 2018 time lo recapitalisation bonds anevi kuda introduce chesaru. Recapitalisation bonds ante banking sector ki associate ayyi una bonds.

Present chuskunte NDA government 3.1 lakh crores worth recapitalisation bonds ni issue chesindhi. Ee recapitalisation bonds introduce chesinappudu appati minister Arun Jaitley kevalam 1.35 lakh crores worth bonds ne issue chestham ani annaru. Kani ippati varaku 3.1 lakh crores worth recapitalisation bonds ni issue chesindhi.

Ee bonds malli 2028-2035 time lo mature avthayi. So, 2028 tarvtha ey goverment ithe ruling lo untadho aah government eh ee bonds ni repay cheyalsi untundhi.

Petrol rates peragataniki ee oil bonds ey karanama?

Absolutely No!

Indulo asalu entha varaku nijam undho chuddham. 2021-2022 union budget prakaram chusthey government mottham 1.68 lakh crores (interest+principal) mottham antha ee year repay cheyatledhu. Ee year oil bonds kosam allocate chesina budget kevalam 9,989.96 crores matrame. Adhi kuda only interest matrame.

So, government kavali ante last year taxes dwara vacchina amount tho almost oil bonds payment antha tirigi return cheseyavacchu.

Taxes

2019-20 lo petrol taxes 2,39,452 crores nundi 3,89,677 crores varaku increase indhi 2020-21 ki. And idhey 2021-22 ki 3,35,000 crores avvacchu ani expect chestunnaru.

2014 and 2021 ki taxes prasthutham ela unnayo chuddham

Base price 2014 lo ₹47.1 unte ippudu ₹41.2% undhi. Alage centre’s tax ₹10.4 nundi 2021 ki ₹32.9 ki perigindhi. Dealer’s cut 2014 lo ₹2 nundi ₹3.8 ki vacchindhi. State’s tax vacchesi ₹11.9 undedhi 2021 ki ₹23.5 ki perigindhi and Retail price ₹71.4 nundi ₹101.8 ki perigindhi.

Conclusion

Simple ga cheppali ante, Oil bonds ki and ipudu price hike ki direct relation ledu. Government increase chesina taxes tho 1 year ki vache revenue lo ni less than half amount tho Oil Bonds ni clear cheseyochu. But again same tactics, okesari burden avvakunda undadam kosam cheyaru.

Whatever may be the case, ilanti bonds kottha kaadu. Present NDA government kuda ilage future lo mature ayye bonds ni issue chesindi. Ipudu ila Oil bonds ni chupinchi prices tagginchalem anadam anedi hypocrisy avtundi. 

So, this is all about UPA Oil bonds and the surrounding issue. 

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