Seaoil innovates on ‘price hedging strategy’ for customers


Independent player Seaoil Philippines is innovating on a ‘price hedging strategy’ that will allow its business and retail customers to save on their fuel budgets despite the astronomical rise of prices of oil commodities in the world market.

Through its tie-up with fintech company LOCQ OPC, which is into fleet management solution, Seaoil is primarily targeting to empower its big-ticket patrons -- mainly businesses to lock-in oil prices via the ‘PriceLOCQ’ platform

‘The solution provides companies power over fuel prices by allowing them to lock in the price while they are low, store the purchased fuel in their virtual tank, and refuel their fleet at Seaoil even when gas prices are high,” the oil firm explained.

According to Seaoil Philippines Chief Executive Officer Glenn L. Yu, “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.”

The oil firm indicated that this ‘price hedging solution’ for business end-users “works through a secure web portal where one can monitor and manage the driver, vehicle and fuel usage.” Many businesses can’t avoid to be gas guzzlers because it is a critical support to their operations, including in the transport of goods and services.

Under the ‘PriceLOCQ’ paradigm, the concerned customer “can issue fuel codes to drivers which station attendants can verify before gassing up.”

That virtual price lock-in solution, it was emphasized, will likewise allow companies “to view and download real-time reports to monitor transactions.”

At the level of retail customers, they can also avail benefits of the “PriceLOCQ’ cost hedging tool by downloading the app on their mobile phones – and what they can do is to purchase fuel at today’s prices then lock them up and fill-in their vehicles on their preferred time.

It’s not only in the price lock-in approach in which Seaoil has been gathering pace in stirring up competition in the deregulated downstream oil sector, but it also picking up speed with its retail network expansion that already reached 600 stations recently.

Seaoil’s other scope of offer to customers is its “LubeServ’, which offers automotive repairs and lubricant services using the company’s brand of high quality engine oils and ancillary products. The first branch for this new service-offer is in Anabu. Cavite.

The variation of innovation for that service is “LubeServ on Wheels”, and in that arrangement, it will be the expert-mechanics that will be brought on-site to the customer’s location – and appointments can be done either online or via the provided mobile phone of the oil firm at 0999-8855449.

As emphasized by Yu, these service and marketing innovations – PriceLOCQ, LubeServ and LubeServ on Wheels – would be part of the oil firm’s “response to changing market needs.”

He stressed that “concern for rising fuel prices, health safety and greater convenience in repairs and maintenance are all addressed by these new services.”