The Department of Energy (DOE) has recorded a rise in the country’s net oil import by 31 percent in 2018, from last year’s $9.256 billion to $12.116 billion.
“This was attributed to the combined effects of higher import cost and increased import volume of crude oil vis-à-vis last year,” the department was quoted in a Manila Standard report.
Net oil import is the difference between the country’s net imports and exports.
At least 54.5 percent of the total imports are finished products, while 45.5 percent is crude oil, according to DOE’s database.
The total import of crude oil increased by 41.8 percent, amounting to $6.138 billion from $4. 330 billion in 2017.
Finished product import cost also went up by 24.4 percent to $7.339 billion at an average cost of $75.216 per barrel, whereas in 2017 it was $5.9 billion at a cost of $60.548 per barrel.
Meanwhile, petroleum exports also logged a 40 percent increase from 2017’s $972.5 million to last year’s $1.361 billion.