The occurrence of two full moons within the same calendar month is rare. We colloquially call it “blue moon”. Somewhat similarly, the legacy of yesteryears’ oil bonds springs up from the dungeon of collective neglect every few years, or once in a blue moon.

       In 2018, it was petroleum minister Dharmendra Pradhan who mentioned them. This time, it was Finance Minister Nirmala Sitharaman pointing to them while explaining to journalists why her government was holding on to exorbitant tax rates on petrol and diesel. Sitharaman said the government was compelled to do so, ...