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Coimbatore
TN petrol bunks to stop accepting cards from today
January 8, 2017
Chennai: Petrol bunks across Tamil Nadu on Sunday decided not to accept credit or debit cards for the purchase of fuel from Monday.
Tamil Nadu Petroleum Dealers Association President K P Murali said that petrol dealers have decided to stop accepting credit or debit cards since they will not be able to withstand the financial loss from card transactions.
“Our margins are fixed on a per KL basis and do not have any scope to absorb these charges. We have specific mechanisms to compute the margin and these do not have any scope for credit or debit card Merchant Discount Rate (MDR). This will lead to financial losses for dealers,” he pointed out.
Stating that the bankers are delaying settlements and not settling entire dues, Murali said, “The reconciliation of swipes to amount being credited to our accounts is causing a lot of hardships and losses to a large percentage of the dealer community.”
The association also requested the various authorities and oil marketing companies to intervene and rectify the situation.
“We will not be able to withstand the financial losses generated by these transactions and have decided to stop accepting credit and debit cards from January 9, 2017,” he said.
