Lok Sabha Question No. 2419 (UNSTARRED), answered on 2022-08-01
Subject: Liability of Oil Bonds
Ministry: FINANCE
Asked by: Pritam Gopinath Munde, Chandra Sekhar Sahu, Rahul Ramesh Shewale, Girish Bhalchandra Bapat

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE

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## LOK SABHA

## UNSTARRED QUESTION NO.2419

## TO BE ANSWERED ON MONDAY, AUGUST 1 , 2022/SRAVANA 10, 1944 (SAKA)

## LIABILITY OF OIL BONDS

## 2419. DR. PRITAM GOPINATHRAO MUNDE:

SHRI CHANDRA SEKHAR SAHU:

SHRI RAHUL RAMESH SHEWALE:

SHRI GIRISH BHALCHANDRA BAPAT :

## Will the Minister of FINANCE be pleased to state:

- (a) whether the Government has been receiving taxes from various products/items;
- (b) if so, the details of net revenue received by the Government from Union taxation on petrol and diesel in the financial years 2020-21 and 2021-22;
- (c) the details of liabilities of the Government in the form of oil bonds as on 31 May, 2014 and as on 31 March, 2022;
- (d) the details of liabilities of oil bonds cleared during the said period;
- (e) whether the Government has any timeline to pay the outstanding liabilities in the form of oil bonds; and
- (f)  if  so,  the  details  thereof along with the details of retails prices of petroleum products likely to come down after clearing all outstanding liabilities of such bonds?

## MINISTER OF STATE IN THE MINISTRY OF FINANCE

## ANSWER (SHRI PANKAJ CHAUDHARY)

- (a)  and  (b): The  Government  has  been  receiving  indirect  taxes  from  various  products  including petroleum products. The details of total excise duty collected on petroleum products (including petrol and diesel) for the years 2020-21 and 2021-22 are given below:

(in Rs. Crores)

| Year                        | 2020-21   | 2021-22   |
|-----------------------------|-----------|-----------|
| Total excise duty collected | 3,72,970  | 3,63,305  |

- (c): The outstanding balance of Government of India special securities issued to oil marketing companies as  on  31st  May,  2014  and  as  on  31st  March,  2022  was  Rs.  1,34,423  crores  and  Rs.  92,200  crores respectively.
- (d): The repayment of Government of India (GOI) special securities issued to oil marketing companies was made as per schedule during the period May, 2014 to March, 2022 amounting to Rs. 13,500 crores. Further, during the FY2021-22, special securities issued to oil marketing companies amounting to Rs. 28,723 crores were brought back under switch operation.
- (e): The  repayment  would  be  made  as  per  the  schedule,  however,  option  to  buyback/  switch  the securities prematurely in consultation with RBI would also be available with the Government as a part of debt management.

(f):: The details of year-wise scheduled repayment of oil bonds are given below:

| Year    | Amount (Rs crores)   |
|---------|----------------------|
| 2023-24 | 15,586               |
| 2024-25 | 39,701               |
| 2025-26 | 36,913               |
| Total   | 92,200               |

The  Prices  of  petrol  and  diesel  have  been  market-determined  with  effect  from  26.06.2010  and 19.10.2014 respectively. The Public Sector Oil Marketing Companies (OMCs) take appropriate decision on pricing of petrol and diesel in line with their international product prices, exchange rate, tax structure, inland freight and other cost elements etc.

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