I am also looking for same. My observations:
CITI indianoil yeilds - 2.66% return - 4 Turbo point/ Rs150
HDFC indian oil - 5% cashback (Rs 250/month for first six months, after that Rs 150/month capping)
Axis Indianoil - 4% cashback as Edge Reward (1000 edge reward/ moth capping) which attracts a reward redemption charge on edge portal
Try to use a combination of Amex MRCC and Gold if you prefer HPCL and they accept Amex.
With Amex Gold, you'll also get points for fuel transactions along with monthly milestone benefits.
MRCC won't give you regular points but will give you monthly milestone benefits. Anyway, you need to spend hardly 150k in a year for waiver. If you apply using referral and spending 150k every year, you are getting it for free basically.