Govt Incentivises 0.75% Discount on Cashless Purchase of Fuel

This rebate is being offered on petrol and diesel from Tuesday midnight in a bid to promote cashless transactions. 

1 min read

In an effort to promote cashless payments, a discount of 0.75 per cent will be offered on purchases of petrol and diesel if the payment is made digitally. This discount is set to kick-in at Tuesday midnight, and would be implemented through the process of cash back.

According to a statement by Indian Oil Corp, the nation's largest fuel retailer, the discounted amount will be credited to the customer’s account in three days time from the day of the transaction.

This means that when the payment is made using debit/credit cards, e-wallets or mobile wallets, the rebate offered comes up to 49 paise per litre on petrol, and 41 paise per litre on diesel. 

While petrol is sold in Delhi at Rs 66.10 per litre, diesel costs Rs 54. 57 for the same.

Last week Finance Minster Arun Jaitley had announced a series of measures to promote cashless transactions throughout the country, and included discounts on several online payments like insurance policies, rail tickets and highway toll charges.

As a part of these initiatives, to promote cashless transactions, the 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
Arun Jaitley, Finance Minister

The government has been actively campaigning for the use of digital payments post the demonetisation move.

(With inputs from PTI)

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