PriceLOCQ, the fuel-saving mobile app powered by SEAOIL in partnership with fintech company LOCQ, OPC continues to grow as it becomes available in more SEAOIL stations nationwide.
Since its introduction to the market in 2020, PriceLOCQ has grown to have more than 200,000 active users. More than 260 SEAOIL stations now accept the PriceLOCQ app. SEAOIL targets to have more than 400 stations nationwide accommodate PriceLOCQ before the year ends.
“PriceLOCQ’s primary goal of helping our consumers be more cost-efficient and save on fuel costs is timelier than ever. Doubling the expansion and rollout of PriceLOCQ in SEAOIL stations is one of our targets this 2022 and it’s steadily moving. The app being available to more motorists is needed as fuel prices are volatile due to events happening around the world that affect the global fuel market,” said SEAOIL President for Retail and CFO Mark Yu in a statement.
Yu added that businesses can also make the most out of their fuel budget through PriceLOCQ for Business (PLB). Packaged as an all-in-one web portal, PLB can lock current oil prices before a projected increase for future use, and fuel can still be redeemed at the same price. Fleet managers and businesses can opt to buy and store as much as 10,000 liters of gasoline or diesel in a virtual tank, reflected as “fuel balance.”
And in keeping up with contactless and real-time transactions, fleet managers and owners using PLB can distribute purchased fuel to drivers anywhere in the Philippines via SMS through the portal. Once sent to recipients, they can simply present the code sent and gas up at SEAOIL branches nationwide that accept PriceLOCQ.
As a reminder, SEAOIL shared some tips on how to maximize PriceLOCQ’s money-saving benefits. First, understand price trends by making long-term and short-term comparisons. Compare long-term price trends to understand if current prices are really high or if this is a short fluctuation. Conversely, use short-term price trends to plan current fuel purchases. Second, maximize savings from PriceLOCQ by buying fuel when prices are low and redeeming when prices are high. Remember, fuel can be purchased ahead of time through the PriceLOCQ app and PriceLOCQ for Business platform. Lastly, be realistic about the amount of fuel that is purchased. Understand your fuel consumption and use that as a base line. Don’t forget to consider your risk tolerance for fuel price movements.