Update:
I have redeemed hdfc IOCL 3000 fuel points in the hdfc net banking reward redemption
*Can redeem in multiple of 500 points
*I redeemed 3000 points and the same credited on my xtra rewards points
* I went to XR participating outlet, they redeemed via my XR points for Rs2880 (Rs 0.96 Per Point)
Which is 4.8% (Best in LTF Fuel cards) return excluding 1% surcharge waiver
The only card which gives points without any follow up and hassle free redemption;