The country’s net oil import bill last year grew 64 percent to $19.02 billion from 2021’s $11.57 billion, data from the Department of Energy (DOE) showed.
The increase in value was caused by higher imports as well as more expensive cost of crude and finished petroleum products last year.
Net import volume increased by 7.9 percent to 25.5 billion liters last year from 23.63 billion liters in 2021.
The country imported 26.48 billion liters of fuel last year, 8 percent higher than the 24.44 million liters in 2021. Corresponding cost increased by 61 percent to $19.58 billion from $12.15 billion.
Of the total fuel shipped to the Philippines last year, 19.59 billion liters were finished products while the remaining 6.89 billion liters were crude.
The country exported 979 million liters of fuel products last year, a 20 percent growth from 2021’s 814 million liters but corresponding value fell 4 percent to $556.53 million from $580.14 million.
Of that volume, 902 million liters are finished products and the remaining 76 million liters are crude.
Petron Corp. is the lone refiner in the country.
At present, the DOE mandates oil companies and bulk suppliers to maintain a minimum inventory equivalent to 15 days for finished products and seven days for liquefied petroleum gas. For refiners, a minimum inventory of 30 days for both crude oil and finished products is required.
As of April 25, data showed average Manila price per liter of gasoline (RON95) is at P65.90, diesel at P55.55 and kerosene at P69.88.
