SEAOIL says new feature can 'lock' gas prices for use when fuel costs spike

ABS-CBN News

Posted at Oct 22 2021 12:39 PM

MANILA— SEAOIL Philippines on Friday said it launched innovative products to provide timely solutions for companies and retail customers during the pandemic including the ability to lock in gas prices for use when costs of fuel products spike.

In a statement, the oil company said it tapped fintech firm "LOCQ, OPC" to offer a fleet management solution that would allow companies to retain oil prices and store them in their "virtual tank."

Under the PricesLOCQ for Business program, fuel stored in virtual tanks can be used to refuel their fleet at SEAOIL "even when the gas prices are high," it said. 

Companies can issue fuel codes to their drivers which store attendants can verify, SEAOIL said. 

Retail customers, meanwhile, can download the app, purchase fuel at current prices, lock them in at the current rate, and then gas up at their preferred time, SEAOIL said.

“PriceLOCQ for Business is the only solution that allows businessmen to hedge against fuel prices - that is to lock in fuel prices when they are low and redeem at SEAOIL when prices go up,” SEAOIL Philippines President and CEO Glenn Yu said. 

It also forayed into vehicle servicing called LubeServe with the first branch located in Anabu in Cavite.

SEAOIL said the servicing arm has an on-the-go LubeServ on Wheels version which offers online booking for mechanics. It currently services Taguig, Makati, Mandaluyong, San Juan, Pasig, Marikina, Quezon City, and Cainta, SEAOIL said. 

“Like LubeServ and LubeServe on Wheels, PriceLOCQ are part of SEAOIL’s response to changing market needs. Concern for rising fuel prices, health safety, and greater convenience in repairs and maintenance are all addressed by these new services,” Yu said. 

SEAOIL said it opened its 600th station in Tarlac, adding that it plans to open 1,000 branches by 2023.

Fuel prices have been rising for 8 straight weeks, which brought gasoline prices to over P60 per liter and diesel to over P50 in Metro Manila. 

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