During this demonetisation drive, the Government of India has come up with 0.75% discount on total petrol / diesel price. This is one among many of the initiatives to promote cashless transactions. Here is what Indian Oil Corp’s statement says: “As a part of these initiatives, to promote cashless transactions Government of India has announced to incentivise petrol/diesel customers transacting at PSU petrol pumps by way of 0.75 per cent discount when a customer uses Debit/Credit Cards, Mobile Wallets and Prepaid Loyalty Cards,”

The announcement has been implemented from Tuesday 12th Dec 2016 midnight. At present, 1 litre petrol price in Delhi is Rs. 66.10 and with 0.75% discount 49 paisa will be credited back to the customer’s account within 3 working days as per the cashback offer.

Note: By using our debit or credit card 2% to 3% surcharge will be charged by banks for fuel transactions and out of it we will be getting 0.75% as discount. Now if we see the math: For using our debit or credit card extra 2.25% will be charged above the petrol price. Hope the government can waive off the ‘surcharge’ instead of giving cashback percentage discount.

Anyhow, for regular debit/credit card users, this 0.75% discount will be a little savings overall.

News Source: The Hindu BusinessLine