Oil imports dipped 8.3% in six months

The country’s oil imports declined 8.3 percent in the first half to $6.053 billion from $6.597 billion a year ago on the combined effects of lower import cost and decreased volume of crude shipments.

Data showed the net oil import bill, which deducts exports from imports, also fell 5.6 percent in the six-month period to $5.633 billion from $5.966 billion in the same period last year.

The oil import cost came from finished products at 33.6 percent and crude oil at 66.4 percent. Total import of crude oil went down by 32 percent to $2.033 billion from $2.993 billion as the cost of freight price per barrel eased to $66.267 from  $69.993.

Meanwhile, total product import cost went up by 11.5 percent to $4.019 billion at an average CIF cost of $69.903 per barrel compared to $3.60 billion at an average CIF cost of $74.89 per barrel last year.

The country’s petroleum exports earnings also fell 33.4 percent in the first half to $420 million from $630.4 million last year.

Topics: oil imports , petroleum exports
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementGMA-Congress Trivia 1