Application to buy gas at preferential prices in the Philippines

Gas price Growth is one of the most obvious consequences from the conflict between Russia – Ukraine and the Philippines is also the country that has been affected. However, recently, the burden of gas prices has been somewhat reduced for this country’s consumers thanks to an application to buy gasoline at preferential prices. However, experts also recommend caution when using this application.

For Mr. Bagabagon, Manila City, Philippines – a motorcycle enthusiast in the Philippines, refueling these days is no longer too much of a pressure even though domestic fuel prices have risen to record levels. He is one of 200,000 Filipino consumers who have installed a “homegrown” app so they can buy gasoline at a discount, saving him about 50% of the cost of petrol in recent months. “When both gasoline and diesel went up in price last week, I didn’t worry too much because I used the app.”

The PriceLOCQ app allows users to pre-purchase a fixed amount of fuel at a fixed price, then deduct it with each purchase. The app launched in 2020 and the number of users has increased dramatically since prices skyrocketed this year, especially after the Russia-Ukraine conflict disrupted the global oil market. Gasoline sales through the app in just one day in mid-March reached 2 million liters, equivalent to the amount of gasoline in the whole of February.

Mr. Mark Yu – Founder of PriceLOCQ application said: “PriceLOCQ is a mobile application that allows you to buy fuel anytime, anywhere, fix the price and use it gradually. We want to help consumers. fuel prices can be controlled.

Initial PriceLOCQ users can buy up to 600 liters of petrol and diesel to gradually use for about 20 pesos / liter (equivalent to 9 thousand VND), while the price of gasoline in the Philippines is currently around 79 pesos / liter, about 35,000 VND.

However, financial experts also recommend that consumers should not hoard too much gasoline, but only buy according to their needs. Because whether gasoline increases or decreases later, the buyer is still locked with the fixed gasoline price that he bought before.

* Invite readers to watch programs broadcast by Vietnam Television on TV Online and VTVGo!