The country’s net oil import bill recovered by 63 percent in the first six months to $4.619 billion from $2.832 billion in the same period last year, as oil prices moved up globally, according to the Department of Energy (DOE).
Data from the department showed the latest net import bill was still below the pre-pandemic level of $5.57 billion in the first half of 2019.
Total crude and product imports rose 6 percent to $4.794 billion from $3 billion in the same period last year. Total petroleum export earnings, however, dropped 58.3 percent to $174.7 million from $239 million.
The higher net import bill is attributed to higher oil prices this year. Oil prices steadily rose in the first semester, with Dubai crude averaging $72 per barrel in June, up 44 percent from its December 2020 level, as reported by Petron Corp., the country’s biggest oil company.
Net oil import volumes increased 12.5 percent to 10,831 million liters in the first half from 9,626 ML in the same period in 2020.
The Philippines imported the bulk of its crude supply from the Middle East at 92.5 percent, with 7.5 percent coming from Southeast Asia and local production.
The Philippines imported more diesel at 41.5 percent, followed by gasoline at 25.8 percent, LPG at 13.5 percent, kerosene/AV turbo at 3.9 percent, and fuel oil and others at 15.3 percent.
Product demand reached 12,246 million liters in the first half, up 12.6 percent from 10,872 million liters year-on-year.
Meanwhile, the oil industry generated investments of P207.82 billion as of end June, with bulk in oil refining amounting to P119.2 billion.
The oil firms spent P41.38 billion on liquid fuel bulk marketing, P17.47 billion on LPG bulk marketing, P14.37 billion on fuel retailing marketing, P12.8 billion on terminals and P2.61 billion on bunkering.