From today, use digital payment modes and get 0.75% discount on fuel purchases

business

Updated: Dec 13, 2016 10:54 IST

People buying fuel via digital payment modes will get a discount of 0.75% starting Monday midnight.

The discount would be by way of cash-back which will be credited to the buyer’s account in three days from the transaction, said Indian oil Corp, the nation’s largest fuel retailer.

The 0.75% discount on payments made using either credit/debit cards, e-wallets or mobile wallets will translate into a rebate of 49 paisa a litre on petrol and 41 paisa on diesel.

Petrol is currently sold at Rs 66.10 per litre in Delhi while a litre of diesel costs Rs 54.57.

The “discount will be credited to customer’s account by way of cash back within maximum three working days of the transaction,” IOC said in a statement.

Finance minister Arun Jaitley had last week announced a raft of measures including discounts on online payments for insurance policies, rail tickets and highway toll charges as the government looked to promote digital cash post demonetisation.

“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% discount when a customer uses debit/credit cards, mobile wallets and prepaid loyalty cards,” the statement said.