Found an article on Live from a lounge about conversion of Indial Oil Citi cards to Indian Oil Premium Card. Asked my friend who works for Axis and he also confirmed about it but not the features. Below are the features I found in Live from a lounge and looks much better than the original IOL card.
- Earn 6 EDGE Miles on every INR 150 spent at all IndianOil outlets.
- Unlimited 1% fuel surcharge waiver on fuel spends at all IndianOil outlets.
- Earn 2 EDGE Miles for every INR 150 spent on groceries.
- Complimentary lounge access twice per quarter at select domestic airports
- Convert EDGE Miles for free fuel at IOCL Outlets or convert to IOCL XTRAREWARDS
- Existing points will transfer at the rate of 1 Turbo Point = 1 EDGE Mile