No More Cash Discounts For Credit Card Users At Petrol Pumps
GUWAHATI: Effective October 1, payments done via credit card to buy fuel at petrol pumps will not get 0.75 per cent discount.
The discount was normally credited to the customer’s account in 3 working days.
Following the demonetisation in 2016, the state-owned oil companies have introduced these discounts using credit/debit cards and e-wallets in order to promote digital payments. However, discounts on debit cards and other modes of digital payments will for now continue.
According to a report in PTI, the three fuel retailers—IOC, BPCL and HPCL—paid Rs. 1,165 crore in e-payment discounts and Rs. 266 crore to banks for bearing MDR, totalling Rs. 1,431 crore in 2017-18.
It is to be mentioned that the government earlier had asked Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) to give a 0.75 per cent discount on card payments for fuel purchases.