MANILA – With the fluctuating prices of petroleum products, a local oil industry player provides solutions for businesses to hedge against fuel price hikes.
Seaoil Philippines has partnered with financial technology firm LOCQ, OPC for a fleet management solution called PriceLOCQ for Business that allows companies to lock the fuel prices at the current rate, store the fuel price in the virtual tank, and use their credit when they refuel their fleet when prices are high.
“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 chief executive officer Glenn Yu said in a statement Thursday.
For instance, those that subscribe to PriceLOCQ for Business bought gasoline at the current price of PHP70 per liter and stored it in the virtual tank, they can avail gasoline at PHP70 per liter even gasoline prices would go up to around PHP74 per liter by end-November.
Seaoil also offers PriceLOCQ benefits to retail customers by downloading the mobile app.
Earlier, Department of Energy (DOE) Secretary Alfonso Cusi forecast that fuel prices will continue to rise up to early next year due to the tight supply in the global market.
He added that the DOE has talked to industry players to give discounts and promotions to help consumers amid oil price hikes for the past eight weeks.
Amid the pandemic, the oil firm remains optimistic in the local market as it continues to expand its stations and services.
Seaoil will be ending 2021 with additional 100 stations. Just this month, it opened its 600th store.
The company is aiming for 1,000 stations in the next two years. (PNA)