New Delhi: Less than 20 months after a cashback was offered at petrol pumps to promote digital payment, the incentive has been cut to 0.25% from 0.75%, people with knowledge of the development said.
Beginning December 13, 2016, a discount of 0.75% was offered to those using plastic money to buy petrol and diesel. This discount was given by way of cashback, which has been credited to the buyer’s account within three days of the transaction.
Oil companies have now informed the petrol pump operators that the discount has been cut to 0.25%, they said citing mobile text message sent to petrol pump operators.
The 0.75% discount on payments made using either credit/debit cards, e-wallets or mobile wallets translated into a rebate of 57 paisa a litre on petrol and 50 paisa on diesel. The discount is now reduced to about 19 paisa on petrol and 17 paisa on diesel.
Petrol is currently sold at Rs 76.43 per litre in Delhi, while a litre of diesel costs Rs 67.93.