Mumbai, September 15: To bring some respite to consumers from rising fuel prices, the digital payment wallet Paytm has introduced cashback offer of Rs 7,500 on petrol and diesel purchase. Fuel Prices continued to increase on Saturday also. The petrol neared the Rs 90-mark in Mumbai while reaching another record-high in Delhi. In the national capital, petrol became 35 paise costlier, bringing its rate to Rs 81.63 per litre. Meanwhile, diesel has rocketed to Rs 73.54 per litre -- an increase in 24 paise from the rate prevailing on a preceding day. In Mumbai, the petrol price has surged to Rs 89.01 per litre. Diesel in the city is being charged at Rs 78.07 a litre.

Here is all you need to know about Paytm Cashback offer –

  1. Rs 7,500 cashback will be given on payments made using Paytm wallet at selected petrol pumps on minimum transaction of Rs 50. The offer is valid till August 1, 2019.

  2. After the first transaction, customers will get a message to participate in 'Get up to Rs. 7500 cashback offer'. To participate in the offer one needs to select "Cashback offers" section

  3. Paytm will then send a promo code through SMS within 48 hours of a successful transaction. These promo codes can be redeemed by users who have received the SMS after the eligible transactions at petrol pumps.

  4. To avail the complete offer, customers have to activate and participate in the offer again on 11th 21st, 31st, 41st successful transaction.

  5. In case of users makes multiple transactions, cash back and promo codes will only be credited against the first eligible transaction of the week.

Even though the fuel prices are soaring every day, state governments have not shown any signs to reduce Value Added Tax (VAT)  on fuel. VAT varies from state to state. The Maharashtra government levies the highest percentage of VAT on Petrol and diesel at 39.12 percent and 24.78 percent respectively in Mumbai, Thane and Navi Mumbai. The excise duty charged on normal petrol is Rs 19.48 while on branded petrol, it is Rs 20.66 and Rs 15.33 are charges as excise duty for regular high-speed diesel and for branded high-speed diesel it is Rs 17.69.

One litre of petrol is comparatively cheaper in our neighbouring countries. In Pakistan petrol is charged at INR 57.83, while in Sri Lanka it is INR 64.12. In Bangladesh one litre of petrol costs INR 73.06, whereas Nepal charges INR 68.30.

(The above story first appeared on LatestLY on Sep 15, 2018 02:00 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).