[myavu]

Originally Posted by nitinralli

What if i use Points to buy petrol on my Indian Oil Citibank CC, will i still get this refund without any charges?

I don't think so. But will let you know by mid January.

Cheers!

[uday.ere]

Originally Posted by saket77

Is everyone here who is paying for fuel through debit cards getting the stated 0.75% discount/cash back?

Yes, on my IndianOil Citibank Debit card, I got the .75% cashback, it takes about a week for it to reflect in the account.

[a4anurag]

Originally Posted by saket77

Is everyone here who is paying for fuel through debit cards getting the stated 0.75% discount/cash back?

How is it with you guys?

Have got ₹23 cashback when I filled ₹2000 worth diesel in my Swift using Debit card. It takes almost 8 days to get deposited into the account.

[auto_enthusiast]

Originally Posted by a4anurag

Have got ₹23 cashback when I filled ₹2000 worth diesel in my Swift using Debit card. It takes almost 8 days to get deposited into the account.

Does the same apply to credit card as well? Did they charge anything extra like surcharge or any other charges on your debit card? Considering 0.75%, the cash back should be ₹15 instead of ₹23. Isn't it?

[MDED]

I always use my city bank indian oil credit card for fueling at coco of Indian Oil and the last time I had filled petrol worth Rs 610, I got a cashback of Rs 4.58. Today at the same outlet I have filled for Rs 1100 and I am assuming the cash back or discount to be in the range of Rs 10.

[khoj]

Guys, please take this discussion over to the credit card thread(s).

This thread is meant for fuel price and all things effecting fuel pricing, period.

Thanks in advance for your understanding.

Originally Posted by mukeshgoel

So, I filled up fuel of Rs.1500 on 26th through my credit card and this morning I got message:

"Dear Customer, Refund of INR 11.25 from POS 2 has been credited to your Credit Card XXXXXX on 26-DEC-16. For details, please call our Customer Care."

This is 0.75% discount for cashless payment. Fuel surcharge was already reversed (card feature).

Originally Posted by gupta_chd

This is good. It means some ground work has been done to make the 0.75% cashback worthwhile. Now, it needs to be confirmed, whether surcharge will continue for cards which do not have the surcharge reversal feature. I think they should bring uniformity here as well.

Originally Posted by smnrock

No reversal on surcharge :( I made a purchase of 500 in citibank rewards card and got charged 514.xx. But citibank people said, surcharge will be reversed if the payment done on citibank pos terminal irrespective the brand(rewards, indian oil..) for a limited duration.

Originally Posted by saket77

Is everyone here who is paying for fuel through debit cards getting the stated 0.75% discount/cash back?

I filled fuel twice and paid through my debit card (on 16th and 24th December) totalling Rs. 1330/- but no discount or cash back is made till date.

How is it with you guys?

Originally Posted by MCR

I am receiving the 0.75% cashback. I use SBI Credit Card and I receive a message normally on the fourth working day after fueling stating that Rs. xx.xx was credited to the Card.

Originally Posted by sanjaykk

I think its a hit or a miss kind of situation.
I got the cash back for one transaction out of the 4 I made. The transaction that I received the cash back for was done on 20th Dec and the cash back came into my account on the 26th Dec.
For a transaction done on 16th Dec, the cash back has not yet happened.

Originally Posted by J.Ravi

Yes, I got the cash-back. I had diesel for my XUV 500 costing ₹ 3209.48 and petrol for Thunderbird 500 costing ₹ 500, both on 15 Dec 2016, using my Axis Bank Priority debit card at Chennai. I got the cash-back of ₹ 24.07 and ₹ 3.75 credited to my bank account on 28 Dec 2016, the only gain I got amidst pains due to the demonetization muddle.

Originally Posted by myavu

I got the said discount recently on my Citi Bank Credit Card.

Attachment 1589852

I missed the discount on previous fill since this offer was announced on the same day

Cheers!

Vinu

Originally Posted by nitinralli

Even i got Rs15 cashback after filling fuel for 4000 on two occasions.
Question, when was this scheme introduced? I mean from which date in December?

Originally Posted by myavu

From 12/12/2016 onwards. But it took few more days to get activated.

Originally Posted by speedmiester

I got the 0.75% discount back on my Amex card for filling fuel this week.
Good thing is most of the pumps on the highways are accepting cards while earlier they were insisting on only cash.

Originally Posted by nitinralli

Ok got it, thanks, i got confused regarding the percentage. Alls well now

Another question popped up. What if i use Points to buy petrol on my Indian Oil Citibank CC, will i still get this refund without any charges?

Originally Posted by myavu

I don't think so. But will let you know by mid January.

Cheers!

Originally Posted by uday.ere

Yes, on my IndianOil Citibank Debit card, I got the .75% cashback, it takes about a week for it to reflect in the account.

Originally Posted by a4anurag

Have got ₹23 cashback when I filled ₹2000 worth diesel in my Swift using Debit card. It takes almost 8 days to get deposited into the account.

Originally Posted by auto_enthusiast

Does the same apply to credit card as well? Did they charge anything extra like surcharge or any other charges on your debit card? Considering 0.75%, the cash back should be ₹15 instead of ₹23. Isn't it?

Originally Posted by MDED

I always use my city bank indian oil credit card for fueling at coco of Indian Oil and the last time I had filled petrol worth Rs 610, I got a cashback of Rs 4.58. Today at the same outlet I have filled for Rs 1100 and I am assuming the cash back or discount to be in the range of Rs 10.

[RohanDheman]

Fuel prices hiked
Petrol up by ₹1.29 and Diesel by ₹0.97 plus state taxes.

Rohan

[CarguyNish]

Why it was hiked today & not Yesterday (31st December 2016), I hope you all guys know.

But thankfully it isn't in the range of ₹5-6 which was speculated in December 2016.

That apart, i do hope the Increased Petrol Price, Car Price don't affect the Car sales this month. With Union Budget set to be announced on February 1, I hope the Automotive & Fuel sector is given some priority. It has been disappointing over the years.

[aaggoswami]

Its shocking that such increase in price is being dished out. I was not expecting this much rise. Wasn't the tax increased on fuel when crude was going down ? Wonder why the govt. cant roll back that increase in tax. At that point of time it was speculated that if crude picks up, prices of petrol would remain at a constant as govt. will adjust the taxes on "De-Regulated" price.

Attached herewith are two images of some data I have worked out.
Link of crude oil price is this.
USD exchange rate is taken from RBI.
Fuel Retail price is taken from IOCL website.
1 Barrel crude = 159 ltrs. of crude oil.

The crude price is averaged out for the year, so are the USD exchange rates and petrol retail price.
2016 Data of Crude is till Nov. 2016

The Crude Oil Rs./Ltr. is less than 2006 where the crude was 64.XX, Exchange Rate was 45.X and retail price of petrol was Rs. 46.4.

When I bought Swift, petrol price was Rs. 66.xx/- and right now its. Rs. 71.xx or probably higher. Around 7.5% increase, not something I appreciate or rather expected. Diesel would have been much better I think.

Gandhinagar diesel is Rs. 64.38/ltr and petrol is Rs. 72.63/ltr. Difference of Rs. 8.25 which is more than reasonably significant IMO.

The Crude oil price could be different, but I am not expecting it to have a more than marginal impact on the crude prices I have considered. Unless "Asian Premium" isn't abolished by now.

[sgiitk]

Originally Posted by CarguyNish

Why it was hiked today & not Yesterday (31st December 2016), I hope you all guys know.

But thankfully it isn't in the range of ₹5-6 which was speculated in December 2016. .

I expect they were busy celebrating the new years eve. More seriously price adjustments are quite often a day or two late. At one time the argument (specious imho) was to stop people anticipating. In any case the prices are controlled by PPP (price purchase parity) and not Brent / NYMEX directly, and most of us are unaware of these. Yes, only a rupee or so is some relief. Does it indicate the cartel is not working well?

[vin_b]

Bad news for fuel consumers: Get ready to pay more for petrol, diesel soon

ET Source

You will have to pay more for fuel in the new year. Opec powerhouses Saudi Arabia and Iraq, which supply nearly 40% of oil India imports from West Asia, on Thursday initiated steps to bring the world's honeymoon with low oil prices to an end.
Saudi Arabia, the world's largest oil exporter which two years ago sparked the oil price crash with hefty discounts, raised premium on grades of crude shipped to Asia and the US and initiated talks with buyers to cut supplies by 3-7% in February

[satanic_dude]

Originally Posted by nitinralli

What if i use Points to buy petrol on my Indian Oil Citibank CC, will i still get this refund without any charges?

Filled using credit as well as points (rewards sale) and got the discount refund (0.75%) as cash credit for both transactions, on my Citi IOC Card. However, this was at a trusted bunk (Woodlands, Mylapore, Madras) which recently upped it's prices by around 50-60 paise, over and above the announced price (66.03 vs 65.47, then 68.86 vs 68.31) to 'offset' that 0.75% discount for POS transactions.

That said, I am seeing for the very first time in Chennai (since Dec 2016), differential fuel pricing that varies from bunk to bunk! It's sad to see that some establishments are doing this to make money off the cash back that is supposed to be passed on to the customer. While it is understood that they are selling with a very small profit margin, such practices invoke negative feelings in the customer. On a bittersweet note, this also means that cash transactions would cost slightly more at such bunks.

The HPCL COMCO on Mount Road (Saidapet) sold at 19 paise more than the Chennai price (Dec '16, 68.50 vs 68.31). The two adjacent HPCL bunks on Mount Road (Guindy) however now sell exactly at 69.96 (price since Jan 1), and the first one (Ravi Agencies) is where I try and fill when possible. I also get 3% cash back on the Amex card (at HPCL with ICICI EDCs), minus surcharge (waived), plus the additional 0.75% discount. On the Citi card it's Rs.4 (turbo points rewards) per Rs.150 minus surcharge (waived) (at IOC on Citi EDCs), and the 0.75% discount is additional.

[khoj]

What you are reporting is an illegal move by the said petrol pumps. They cannot arbitrarily increase prices over those stipulated by the OMCs. Have you considered reporting it (with necessary proof) to the competent authorities.

Originally Posted by satanic_dude

Filled using credit as well as points (rewards sale) and got the discount refund (0.75%) as cash credit for both transactions, on my Citi IOC Card. However, this was at a trusted bunk (Woodlands, Mylapore, Madras) which recently upped it's prices by around 50-60 paise, over and above the announced price (66.03 vs 65.47, then 68.86 vs 68.31) to 'offset' that 0.75% discount for POS transactions.
.......

That said, I am seeing for the very first time in Chennai (since Dec 2016), differential fuel pricing that varies from bunk to bunk! It's sad to see that some establishments are doing this to make money off the cash back that is supposed to be passed on to the customer. While it is understood that they are selling with a very small profit margin, such practices invoke negative feelings in the customer. On a bittersweet note, this also means that cash transactions would cost slightly more at such bunks.

[car_crazy1400]

And to add to the pain, I saw a news ticker last night on TV about the government planning about another round of hike in excise rates on petrol and diesel.

[kavu75]

Fuel price update. Petrol up by Rs 0.42 and diesel up by Rs 1.03