Philippine oil import bill up by 36% in 2008

The Philippines’ oil import bill surged by 36% to US$12.09 billion in 2008, despite lower volumes, due to higher oil prices. Data from the Department of Energy (DOE) showed that the volume of oil imports in 2008 dipped by 1.4% to 118.4 million barrels from the previous year’s 120.1 million barrels. Of the total oil purchases, crude imports accounted for 60% at 70.72 million barrels, down from the previous year’s 74.38 million barrels. The drop in volume was attributed to the maintenance shutdown of Petron Corp.’s local refinery. Meanwhile, finished petroleum products accounted for the remaining 40% at 47.7 million barrels, down year-on-year from 45.7 million barrels. Lower imports of liquefied petroleum gas and unleaded gasoline during the year contributed to the decline in volume, DOE said. (March 1, 2009)