Minister of Petroleum and Natural Gas Dharmendra Pradhan today said, the recent fuel price is the result of the previous UPA government, which had left oil bonds worth crores for repayment. Speaking to reporters in New Delhi, Mr Pradhan has reiterated that the upward trajectory witnessed by petrol is due to global crude prices and India imports 80 per cent of the oil it consumes.
He also said, the present government has to repay the oil bonds along with its interest, leading to an increase in petrol rates. Mr Pradhan cited many economists raising points towards the oil bond as the reason behind high fuel prices.
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