IOC, HPCL To Ensure Market Share Offer Cashback On Digital Payments

As per the Business Standard report, two of the oil marketing companies amid the recent joint venture agreement between Reliance Industries and BP is offering discount on digital transactions at their petrol pumps. The JV between the two companies will be formed in the first half of 2020.

IOC, HPCL To Ensure Market Share Offer Cashback On Digital Payments

"Various oil companies have been offering schemes at their petrol pumps. Most of this is to ensure state-run oil companies do not lose market share to RIL," Ajay Bansal, president of the All India Petrol Dealers Association (AIPDA is cited as saying in the report.

Ravi Shinde, former president of the Mumbai Petrol Dealers' Association made a clarification that these discounts are not from the dealers but the companies', who agrees that in current times, it would be rather difficult to dole out discounts.

IOC since December 1, 2019 is offering 10% cashback maximum up to Rs. 50 per transaction on payment via debit or credit card. The offer shall end on January 31, 2020.

Similarly, HPCL is also offering 0.75% discount on bill payments done by digital mode except credit cards. A source however confirmed that the discount is on offer since demonetization and was discontinued in case of credit cards in October.

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