Oil companies plan to bear the MDR charges up to 31 March

Mar 01 2017 10:14 AM
Oil companies plan to bear the MDR charges up to 31 March

State-owned fuel retailers Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd, and Hindustan Petroleum Corp. Ltd have agreed to pay MDR, a fee on card usage at swipe machines, for fuel purchased using debit cards. This means neither the fuel buyer—who used to pay this fee—nor the dealer will have to pay it.

Although that means less burden on the dealers who were protesting against having to pay the MDR given their low margins, the decision even if it is acceptable to oil companies is a regressive one.

OMCs said as of now, they plan to bear the charges only up to 31 March, as per directives from the Reserve Bank of India. 

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