Seaoil’s Mobile App Helps Motorists Save on Fuel Prices

Local drivers and motorcyclists are leveraging the PriceLOCQ app as fuel prices continue to surge. The application was first launched in 2020 by Mark Yu, whose family owns the independent fuel company Seaoil. Ever since price hikes started this year as global oil markets continue to be disrupted — particularly following the Russian invasion of Ukraine — Yu noted that users of the app have risen significantly.

PriceLOCQ, enables consumers to secure credits for bulk fuel supplies at low prices to be redeemed at Seaoil gasoline stations. John Aldwin Bagabagon, a 35-year-old motorcycle enthusiast, is among the over 200,000 individuals who are currently utilizing the app which helps him save close to 50% on gasoline purchases. “I save a lot especially now that gasoline prices are rising weekly,” he explained.

Yu, who also serves as Seaoil’s chief financial officer, added that half of the app’s current user base are new customers of the fuel company. In mid-March — as prices hit a record of ₱81.85 per liter — gasoline sales transacted through the PriceLOCQ app reached 2 million liters in a single day which is comparable to the volume attained for the entire month of February.

More than 90% of the country’s annual fuel requirements are imported. Additionally, the government reported that fuel prices in Manila have already hiked by 30% for gasoline and 66% for diesel this year. While PriceLOCQ allows users to save up on costs, Pru Life UK financial consultant Bernard Flores urges consumers against hoarding gasoline. Certain risks should also be taken into consideration such as the non-transferability of the credits as well as the volatility of fuel prices, according to the government.

“It’s like the stock market where you find the desired price you prefer and you lock in on it. Whatever happens, whether the prices go up or down, you are locked in,” Flores elaborated. Despite this, motorists — especially drivers and other professionals in the transportation and logistics industries — have expressed enthusiasm for the app. “If this app didn’t exist, we would have a difficult time because…we use gasoline every day. It’s a huge help. We get to prepare (for changes) every time gasoline prices increase,” concluded Johnrey Omolon, a delivery worker.

Source: Rappler