The country’s net oil import bill last year grew 64 percent to $19.02 billion from only $11.57 billion the year before, according to data from the Department of Energy (DOE).
The net import volume of crude and finished petroleum product increased by 7.9 percent to 25.5 billion liters last year from only 23.63 billion liters in 2021.
For imports alone, the country brought 26.48 billion liters of fuel last year, 8 percent higher than only 24.44 million liters in 2021 with equivalent cost also increasing 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 oil.
As for oil exports, the country sold a total 979 million liters of fuel products last year, which as a 20 percent growth from only 814 million liters in 2021 as equivalent pricing retreated by 4 percent to $556.53 million from only $580.14 million.
Of the total fuel exported last year, 902 million liters were finished products and the remaining 76 million liters were crude.
To date, the Philippines has only one remaining oil refinery owned by Petron producing 180,000 barrels per day in Bataan.
The DOE mandates oil companies and bulk suppliers to observe a minimum 15-day oil inventory for finished products and another seven-day inventory for liquefied petroleum gas. For refiners, a minimum inventory of 30 days for both crude oil and finished products is required.
