SEAOIL Philippines, Inc. said on Thursday that it targets to put up its 1,000th fuel station in two years’ time.

“Seaoil aims to open 1,000 stations by 2023 and further improve its growing lubricants market share,” the firm said in an e-mailed statement on Thursday.

The independent fuel company recently opened its 600th station in Brgy. Sepung Calzada, Tarlac City.

Seaoil separately told BusinessWorld that it typically costs up to P5 million to open a new station, but added that it does not have the final budget yet on its capital expenditures for the year 2023.

According to the firm, retail and terminal expansion has remained “on-track” despite the onset of the global health emergency.

Seaoil also said it partnered with fintech company LOCQ, OPC to develop “PriceLOCQ for Business,” an app which allows companies to lock in fuel prices when they are low, store fuel in virtual tanks, and refuel at participating stations at their preferred time.

“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 Chief Executive Officer Glenn L. Yu said in a statement.

Individuals can also use the PriceLOCQ app on their mobile devices.

In the first half of 2021, Seaoil’s share in the domestic petroleum market stood at 5.49%, up from 5.14% in the same period last year, based on estimates from the Department of Energy. — Angelica Y. Yang