Less than 20 months after cashback offers were introduced across at fuel-filling stations to promote digital payment, the incentive has been cut to 0.25 percent from 0.75 percent, reported PTI.
A discount of 0.75 percent was offered to those using plastic money to buy petrol and diesel from 13 December 2016. The discount was given by way of cashback, which has been credited to the buyer's account within three days of the transaction.
State-owned oil companies have informed their retailers to cut the discount by 0.25 percent, according to a text message seen by PTI reporters. The text message reads, "Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 percent to 0.25 percent with effect from August 1, 2018 across oil industry for all loyalty customers."
The 0.75 percent discounts on payments made using either credit/debit cards, e-wallets or mobile wallets translated into a rebate of 57 paise a litre on petrol and 50 paise on diesel. It is now reduced to about 19 paise on petrol and 17 paise on diesel.
Fuel prices were raised on Thursday across Indian cities. Petrol prices per litre were raised by an average of 13 paise to Rs 76.43 in Delhi, Rs 79.33 in Kolkata, Rs 83.87 in Mumbai and Rs 79.39 in Chennai. Diesel prices per litre were hiked to Rs 67.93 in Delhi, Rs 70.69 in Kolkata, Rs 72.12 in Mumbai and Rs 71.74 in Chennai.
Inputs from PTI