Seaoil resurrects prepaid gas card; price locked at P52 a liter

Seaoil Philippines Inc., the independent retailer of petroleum products, is bringing back its prepaid fuel card that locks gasoline at P52 a liter for two months as a hedge against price spikes. “Since the price has been fixed, cardholders will have an easier time budgeting their fuel expenses as they will be insulated from further spikes in gasoline costs during the promo period," Seaoil president and CEO Glenn Yu said in a statement Tuesday. The Price Lock Prepaid Fuel Card is denominated in 20-liter issues at P1,040 per card from March 9 to May 15. In case fuel prices are rolled back within the card’s validity period, clients can still buy P1,040 worth of gasoline at current pump prices. If the current pump drops to P50 per liter, the cardholder can buy up to 20.8 liters of gasoline. The Seaoil prepaid gas card may be used only in Metro Manila and Rizal province. The company first launched its prepaid card at the height of global economic crisis in 2008 when world crude prices spiked to more than $140 per barrel. — VS, GMA News