Since February 2017, Indian Oil, HPCL and BPCL are paying card transaction charges, or merchant discount rate (MDR), on behalf of their petrol pump dealers, while consumers pay nothing. Photo: Ramesh Pathania/MintMumbai: State-owned oil marketing companies want banks to reduce card transaction fees for petrol and diesel purchases by half, four people aware of the development said. We want banks to halve it,” an official from an oil marketing companies (OMCs), one of the four people cited above, said on condition of anonymity. Every card transaction attracts a fee called the merchant discount rate (MDR). Since February 2017, it is OMCs which pay MDR on behalf of their dealers.

Source: Mint January 07, 2018 18:45 UTC