App lets drivers lock in low gas prices in the Philippines

STORY: Location: Manila, Philippines

An app lets drivers lock in low gas prices in the Philippines

as a way to fight the soaring cost of fuel

John Aldwin Bagabagon is one of 200,000 people using it

saving about 50% on gasoline over the past four months

[John Aldwin Bagabagon / Motorcyclist]

"When prices jumped by 12-14 pesos for gasoline and by around 7 pesos for diesel last week, it was nothing for me. I did not worry too much because I have a lot of fuel credits stored on PriceLOCQ."

The app PriceLOCQ allows you to stock up on fuel at a set price

by converting purchases to digital credits

that are later redeemed at SEAOIL Philippines petrol stations

[Mark Yu, Founder / PriceLOCQ]

"PriceLOCQ is a mobile app that allows you to buy fuel anytime, anywhere, lock the price down and load it later. How we started it, really, with the concept of blockchain and all of that, we wanted to find a way to actually deliver real value. It started there but it really evolved to really understanding consumer needs and our vision, really, is to provide stability in a world filled with uncertainty. We wanted to be able to empower users to be able to have control over the price of fuel."

Authorities have warned people of risks, however

Credits can't be transferred

and your cost is locked - even if prices fall