The net oil import bill of the Philippines surged 88 percent last year to $11.146 billion from $5.93 billion in 2020 as demand and world oil prices recovered from the pandemic.
Data from the Department of Energy showed that last year’s net import bill also surpassed the pre-pandemic level of $11.075 billion.
Net import oil volume increased to 22,204 million liters in 2021, topping the pre-pandemic level of 16,026 million liters in 2019 and 15,137.2 million liters in 2020.
Cost of crude imports last year reached $2.258 billion, up from $1.47 billion in 2020 but lower than $4.04 billion in 2019.
The lower cost of crude imports could be attributed to the decision of Pilipinas Shell Petroleum Corp. to close down its Batangas refinery and shift to imports.
This leaves Petron Corp. as the country’s lone refinery in Bataan with a capacity of 180,000 barrels per day.
Petron earlier said crude averaged nearly $70 per barrel in 2021, or 64 percent higher than $42 a barrel in 2020. This represented Dubai crude’s highest annual average in the past three years. The price further escalated in the first quarter of 2022.
Meanwhile, imports of petroleum products reached 18,684 million liters in 2021, up from 16,384 million liters in 2020 and 17,883 million liters in 2019.
Petroleum export earnings reached $580 million last year, slightly higher than $439.4 million in 2020 but lower compared to $763.6 million in 2019.
Export volume declined to 1,210 million liters from 1,659 million liters in 2020 and 2,014.5 million in 2019.
Phoenix Petroleum Philippines Inc. said it retained its ranking as the third-biggest oil player in the country. It cited the recent market data of DOE where the company garnered 7.5 percent of the market in terms of combined fuel and liquefied petroleum gas shares.
“Even with difficulties caused by unprecedented calamities, and emerging market and supply chain disruptions, we remain committed to bringing the best product offers and services to our customers and communities”, Phoenix Petroleum president Henry Albert Fadullon said.
The oil firm said it continues to ramp up its business and promotional efforts across its units, aiming to expand its reach to more consumers.
The company opened two sites for its new retail model, the Phoenix Block–one along Sucat in Parañaque and another along Evangelista, in Makati last year.
Each site hosts a Phoenix fuel station, a dedicated Phoenix Super LPG space, a FamilyMart store, a Phoenix lubricants shop and an Autoworx Plus automotive care shop. In December, the first Phoenix station was opened at the NLEX Drive&Dine.