Bengluru, Jan 08: Petrol pumps? across India will stop accepting debit and credit cards from monday to protest on move made by banks to charge 1% transaction fee on every payment accepted by card reporter said.
The non-acceptance of credit/debit cards at petrol stations comes at a time when the Centre is pushing for increased non-cash transactions, and close on the heels of its announcement of a 0.75% cash back offer on purchase of petrol using cards.
Stating that the profit of all petroleum dealers are determined by the oil marketing companies , which have fixed the net profit at 0.3% to 0.5%, spokesman said. If the banks straight away levy a 1% transaction fee, where do they expect us to go. It becomes extremely difficult to survive in such circumstances.
A manager at a petrol station public will think that we are inconveniencing them by demanding only cash, but the truth is not that. Sale of petrol/diesel is highly regulated and we cannot fix our own rates in view of this sudden levy by banks, So our best option is to not accept cards. (Agency inputs)