Latest Stories

Oil import bill up 10%


MANILA, Philippines—A slight increase in oil prices in the world market and a decline in petroleum exports have pushed the country’s oil import bill up by 10 percent to $13.86 billion in 2012 from $12.57 billion a year before.

Data from the Department of Energy showed that the import cost of crude oil inched up by 1.23 percent to $7.43 billion from $7.34 billion a year before, while the cost of imported finished products jumped by 23 percent year on year to $6.43 billion from $5.223 billion.

In terms of volume, imports rose by 5.9 percent to 119.7 million barrels last year from 113 million barrels in 2011.

Of the total oil import volume last year, crude accounted for 54 percent at 64.94 million barrels, while finished products—such as unleaded gasoline and liquefied petroleum gas (LPG)—accounted for 46 percent at 54.75 million barrels.

According to the DOE, the country’s petroleum export earnings fell by 30.9 percent to $1.23 billion in 2012 from $1.785 billion the previous year. This was due to a 32.8-percent drop in the volume of crude and petroleum products exports last year to 10.796 billion barrels from 16.07 billion barrels in 2011.

The Philippine government has been working to reduce the country’s oil imports as its heavy dependence on fuel supplies from abroad made it vulnerable to global supply and price fluctuations.

The energy department is working on the development of the country’s own fuel sources by harnessing indigenous resources and promoting the use of alternative fuels.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Energy , oil import , Philippines

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace