Seaoil to expand retail network to 1,000 by 2023

MANILA, Philippines — Seaoil Philippines Inc. is targeting to expand its retail network to 1,000 stations in two years, along with the launch of new services which include vehicle servicing and a system which allows corporate and retail customers to hedge against fuel prices.

In a statement yesterday, Seaoil said its retail expansion remains on track with plans to open 1,000 stations by 2023.

The oil firm recently opened its 600th station in Sepung Calzada, Tarlac City.

This year, Seaoil is targeting to end the year with an additional 100 stations.

With its retail expansion, the company also eyes to further improve its growing lubricants market share.

“We also hope to see improved market share for our lubricants business, as we are launching a new line of products this month that are also powered with the racing-grade STP additives,” the firm said.

Alongside the retail network expansion, Seaoil is launching new services to address shifting market needs.

The company affiliated with startup fintech company LOCQ, OPC for a fleet management solution called PriceLOCQ for Business.

Based on its website, LOCQ, OPC was founded by Mark Yu, who is concurrently the president for retail business and CFO of Seaoil.

The solution provides companies power over fuel prices by allowing them to lock in the price while they are low, store the fuel price in their virtual tank, and refuel their fleet at Seaoil even when gas 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 president and CEO Glenn Yu said in a statement.

PriceLOCQ for Business works through a secure web portal where one can monitor and manage the driver, vehicle and fuel usage. One can issue fuel codes to drivers which station attendants can verify before gassing up. It also allows companies to view and download real-time reports to monitor transactions.

Retail customers can also enjoy PriceLOCQ’s benefits by downloading the app on their mobile, purchasing fuel at today’s prices, locking them in and gassing up at their preferred time.

Seaoil has also entered into a line of vehicle servicing by opening its own branded service center, LubeServ, with the first branch located in Anabu in Cavite.

LubeServ offers automotive repairs and lubricant services using Seaoil’s high-quality engine oils and ancillary products.

Meanwhile, the company also launched LubeServ on Wheels, a variation of the service, bringing expert mechanics to the customer’s location.