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0.75% discount for Cashless Refuelling

The Indian Oil Corporation Limited (IOCL) on 12 December 2016 announced that the consumers can now avail a discount of 0.75 percent on petrol and diesel fuel purchases, if the payment is made using digital means.
●    The 0.75 percent discount on payments made using credit/debit cards, e-wallets or mobile wallets will be converted into a rebate of 49 paisa per litre on petrol and 41 paisa per litre on diesel.
●    The discount will be credited to customer's account by way of cash back within maximum three working days of the transaction.
●    This will come into effect from 13 December 2016.
●    Nearly 4.5 crore consumers buy petrol or diesel every day and collectively contribute around Rs 1800 crore in transactions. 
●    Usually, only 20 percent of these transactions are digital, but in November, these cashless transactions rose to 40 percent due to the cash crunch.


 

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